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3232Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission
https://www.digit.info/nigerias-rising-inflation-and-foreign-exchange-shortages-fueling-devaluation-speculation-imf-mission/
Sun, 20 Nov 2022 10:30:59 +0000https://www.digit.info/2022/11/20/nigerias-rising-inflation-and-foreign-exchange-shortages-fueling-devaluation-speculation-imf-mission/Read more]]>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 achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at the CBN [Central Bank of […]
]]>Nigerian Inflation Rate Rises to 20.52% in August — Month-on-Month Rate Drops
https://www.digit.info/nigerian-inflation-rate-rises-to-20-52-in-august-month-on-month-rate-drops/
Mon, 19 Sep 2022 08:00:05 +0000https://www.digit.info/2022/09/19/nigerian-inflation-rate-rises-to-20-52-in-august-month-on-month-rate-drops/Read more]]>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 from 1.82% to 1.77% during the same period. The depreciation of the local currency, disruptions in the supply of food products, and an increase in […]
]]>Nigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 Days
https://www.digit.info/nigerian-currency-plunges-to-new-low-of-570-10-of-value-lost-in-under-30-days/
Fri, 17 Sep 2021 09:30:45 +0000https://www.digit.info/2021/09/17/nigerian-currency-plunges-to-new-low-of-570-10-of-value-lost-in-under-30-days/Read more]]>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 has now lost about a tenth of its value on the foreign currency black market. Naira Overvalued In spite of this plunge, which has been […]
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 achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at the CBN [Central Bank of […]
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 from 1.82% to 1.77% during the same period. The depreciation of the local currency, disruptions in the supply of food products, and an increase in […]
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 has now lost about a tenth of its value on the foreign currency black market. Naira Overvalued In spite of this plunge, which has been […]