Brace yourselves, Nigerians! The nation stands on the cusp of two potentially aggressive interest rate hikes in quick succession, a Reuters poll revealed on Friday. This bold move aims to curb soaring inflation and bolster the battered naira currency. After a two-meeting hiatus, the Central Bank of Nigeria (CBN) is poised to hold its first Read More…
The National Bureau of Statistics (NBS) has released its comprehensive reports on fuel prices, revealing an alarming surge in October 2023 compared to previous years. The average retail price of petrol experienced a substantial upswing from N195.29 in October 2022 to a staggering N630.63 in the same month of 2023, marking a significant 222.92 per Read More…
In a recent statement, Isa AbdulMumin, Director of the Corporate Communications Department at the Central Bank of Nigeria (CBN), shared the bank’s positive outlook on its monetary policy measures. Speaking in Abuja regarding the latest figures released by the National Bureau of Statistics (NBS), AbdulMumin highlighted the noteworthy results stemming from the bank’s strategies. He Read More…
Nigerian inflation continued its upward trajectory for the tenth consecutive month in October, intensifying expectations for the new central bank governor to consider interest rate hikes in the upcoming monetary policy committee meeting—the first since his appointment. “Consumer inflation soared to 27.33% year on year in October, marking an 18-year peak, escalating the challenge for Read More…
The National Bureau of Statistics (NBS) has revealed a striking surge in Nigeria’s headline inflation rate, which has vaulted to 24.08% in July 2023. This alarming revelation was underscored by the NBS Consumer Price Index (CPI) and Inflation Report for July, disclosed in Abuja on Tuesday. The report spotlights the primary catalysts of this escalation: Read More…
The Lagos Chamber of Commerce and Industry (LCCI) has called for better management of the country’s inflation, foreign exchange(FX) and debt portfolio indexes. LCCI President, Dr Michael Olawale-Cole, made the call during the Chamber’s 2022 first quarter press conference on Tuesday in Lagos. He said better management would improve economical outcomes. Olawale-Cole noted that addressing Read More…
For Cleanne Brito Machado, like millions of people in developing countries around the world, shopping for staple foods such as rice, beans, oil or potatoes now means making hard choices. “The shopping cart is getting much smaller and we’re paying much more,” said the 41-year old, who works as a maid in Brazil’s capital Brasilia. Read More…
The Lagos Chamber of Commerce and Industry (LCCI) says the mounting inflationary pressure reported in the November 2020 was expected, given the prevailing economic conditions and escalating cost environment. Dr Muda Yusuf, Director-General, LCCI made the assertion in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos. NAN reports that the Read More…
The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to address the supply side variables impacting domestic prices.Dr Muda Yusuf, Director-General, LCCI, spoke in an interview with the News Agency of Nigeria (NAN) in reaction to the October 2020 inflation rate. The News Agency of Nigeria (NAN) reports Read More…
