Inflation rises to 21.82% amid cash, fuel shortages
Nigeria’s headline inflation rate increased from 21.34 percent in December 2022 to 21.82 percent in January 2023, according to data released by the National Bureau of Statistics on Wednesday.
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The 12.5 Percent MPR Review and the Implications for a Pressured Economy
The Central Bank of Nigeria (CBN) recently announced the review of its Monetary Policy Rate (MPR) from 13.5 percent to 12.5 percent. The CBN Governor disclosed this at the end of the Monetary Policy Committee (MPC) meeting in Abuja. The review was orchestrated by the impact of the COVID-19 pandemic on the economy, the increased inflationary pressure, and the restrictions in international trade.