Advertisement

Amid shortage of foreign exchange, Nigeria’s inflation rate rose to 24.08% in July 2023, the highest in years.

The July 2023 rate showed an increase of 1.29% points when compared to the previous month’s which was 22.79%, the National Bureau of Statistics (NBS) said in its Consumer Price Index (CPI) report released on Tuesday.

Advertisement

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 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 200% hike.

Advertisement

The apex bank 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, said the apex bank would take certain steps in the next few days to improve the liquidity in the market.

Channels TV

Disclaimer

Contents provided and/or opinions expressed here do not reflect the opinions of The Pacesetter Frontier Magazine or any employee thereof.

Advertisement

Support The Pacesetter Frontier Magazine

It takes a lot to get credible, true and reliable stories.

As a privately owned media outfit, we believe in setting the pace and leaving strides in time.

If you like what we do, you can donate a token to us here. Your support will ensure that the right news is put out there at all times, reaching an unlimited number of persons at no cost to them.

Donate!