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Nigeria’s Inflation Rate Surges To 33.69% Amid Economic Challenges
Nigeria’s Inflation Rate Surges To 33.69% Amid Economic Challenges
The latest consumer price index and inflation report released by the National Bureau of Statistics (NBS) has revealed a significant surge in Nigeria’s inflation rate, climbing to 33.69% in April from 33.20% in March. This increase underscores the ongoing economic hardship facing the country.....KINDLY READ THE FULL STORY HERE▶
Since the inception of President Bola Ahmed Tinubu’s administration in May last year, inflation has been on a persistent upward trajectory. In May 2023, the inflation rate stood at 22.41%, steadily escalating to 33.69% in April this year.
The upward trend continued with inflation rates of 29.9% in January 2024, 31.70% in February, and 33.20% in March.
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, highlighted that the country’s inflation rate rose by 0.49% month-over-month. The CBN’s Monetary Policy Committee (MPC) is dedicated to implementing necessary measures to address the escalating inflation.
In efforts to curb inflation, the MPC has consistently raised interest rates, reaching 24.75% in March. The upcoming MPC meeting scheduled for May 20 and 21, 2024, signifies ongoing deliberations aimed at stabilizing the economy amidst the challenging inflationary environment.
During an interview on Channels Television’s ‘Politics Today’, former minister Rotimi Amaechi dismissed recent comments made by FCT Minister Nyesom Wike regarding his selection as a running mate, stating that he does not respond to subordinates and noting that Wike never employed him.....KINDLY READ THE FULL STORY HERE▶
Additional context regarding the political exchange includes:
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Wike’s Remarks: During a media briefing, Wike alleged that Amaechi’s selection was financially motivated rather than strategic, questioning his electoral viability and political influence post-2011.
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Amaechi’s Response: Maintaining that he is currently focused on mourning, Amaechi indicated that he intends to respond more forcefully once his campaign activities officially begin.
During an interview on TVC News, former Lagos State Peoples Democratic Party (PDP) chairman Deji Doherty disputed claims that Chief Olabode George is a founding father of the party, asserting instead that George was introduced into the party’s leadership by former President Olusegun Obasanjo around 1999.....KINDLY READ THE FULL STORY HERE▶
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Criticism of Leadership: Doherty argued that Obasanjo’s decision to entrust the management of the Lagos State PDP chapter to George was a mistake and that the affairs of the state branch were poorly handled.
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Internal Party Crises: Displaying reconciliation documents during the broadcast, he noted that past efforts by respected party elders to resolve internal party disputes have failed to secure long-term peace.
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Call for Youth Empowerment: Doherty emphasized that the ongoing leadership struggles should pave the way for a younger generation to take charge of the nation’s political future, regardless of party affiliation.
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Parallel (Black) Market Rates: According to Bureau De Change (BDC) sources in Lagos for Tuesday, August 4, 2026, the parallel market traded the US Dollar at a buying rate of ₦1,410 and a selling rate of ₦1,425.....KINDLY READ THE FULL STORY HERE▶
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Official CBN Rates: Central Bank of Nigeria figures recorded rates ranging from a low of ₦1,361 to a high of ₦1,364.
Key Advisory Notes
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Regulatory Stance: The CBN does not officially recognize the parallel market and advises individuals engaging in foreign exchange transactions to utilize authorized banking channels.
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Price Variance: Actual market transaction rates may differ across various dealers and locations due to continuous market fluctuations.
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