Auto Added by WPeMatico

Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission

According to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To…

Continue ReadingNigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission

Nigerian Inflation Rate Rises to 20.52% in August — Month-on-Month Rate Drops

While Nigeria’s year-on-year inflation rose for the seventh straight month to 20.52% in August 2022, the latest data from Nigeria’s National Bureau of Statistics shows that the month-on-month rate declined…

Continue ReadingNigerian Inflation Rate Rises to 20.52% in August — Month-on-Month Rate Drops

Nigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 Days

The Nigerian currency, the naira, plunged to a new all-time low of N570 for every dollar on September 16, 2021. This new exchange rate means since August 17, the naira…

Continue ReadingNigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 Days