Nigeria’s inflation rate rose to 24.08% in July 2023, the highest in years, amid a shortage of foreign exchange.
According to the National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) report released on Tuesday, the July 2023 rate revealed an increase of 1.29% points when compared to the previous month’s which was 22.79%.
The CPI measures the rate of change in prices of goods and services.
On July 25, 2023, the Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR), which measures interest rate, from 18.5 percent to 18.75%.
The interest rate increase occurred amid soaring food prices and the rising cost of transportation occasioned by the removal of subsidy on Premium Motor Spirit (PMS) known as petrol with the price per litre jumping from N184 to about N600, more than a 200% hike.
The CBN said, “Hiking the interest rate has made a lot of difference in moderating the rate of inflation”.
To address the forex shortage in the country with a dollar exchanging at over N900 to the naira, Acting CBN Governor, Folashodun Shonubi, on Monday, assured that the apex bank would take certain steps in the next few days to improve the liquidity in the market.
The death toll from a tragic stampede in Anambra State has risen to 22,…
The Nigerian National Petroleum Company Limited (NNPCL) has dismissed media reports suggesting that the…
A devastating house fire in the Ori-Eru area of Idikan, Ibadan, Oyo State, has…
A Magistrate Court sitting in Ado Ekiti, the Ekiti State capital, has granted human rights…
The Inspector General of Police, Kayode Egbetokun, has declared that the era of…
Chad announced Thursday that it was ending military cooperation with former colonial power France, just…