Naira Nosedive Sparks Central Bank Alarm
The Nigerian Naira weakened by a further 2% against USD last week despite a rebound on Friday. The Naira has endured a torrid month, dropping by over 25% against the dollar. The only data release of note was a further uptick in inflation on Wednesday to 33.69%. The main measure of inflation being watched is food inflation, which also increased to 40.53%, albeit below market expectations of 42.5%. The central bank is desperate to tame food inflation as the cost of living becomes more unmanageable. If this does not see a reversal there are fears a serious dent
Published on 22 May 2024
Despite a Friday rebound, the Nigerian Naira weakened by 2% against the USD last week, enduring a torrid month with a staggering 25% drop. Inflation soared to 33.69%, with food inflation hitting 40.53%, sparking fears of a serious economic dent if not reversed promptly.
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