Tag: Rising Inflation
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Rising inflation plunges Nigerians further into Hardship
Nigeria’s annual inflation rate has surged to an alarming 24.08 per cent in July, up from 22.79 per cent in the month of June, according to data released by the National Bureau of Statistics (NBS) on Tuesday. The NBS also reported that on a year-on-year basis, the headline inflation rate is a staggering 4.44 per…
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Despite rising inflation, CBN increases interest rate 18.5 per cent
The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has increased the interest rate by 18.5 per cent to 20.5 per cent from the initial 18 per cent in March despite rising inflation in the country. The increment in interest rate was announced on Wednesday by Governor of the Central Bank of Nigeria, Godwin Emefiele,…