The Consumer Price Index, which measures inflation dropped further to 17.38 % in July 2021. This is 1.37 points lower than the rate recorded in June 2021. The National Bureau of Statistics disclosed this in its Consumer Price Index report for June. Meanwhile, food inflation dropped to 21.0 from 21.8 recorded in the previous month.
The International Monetary Fund has allocated the sum of three point three-five billion dollars to Nigeria under its Special Drawing Rights. The allocation is part of about six hundred and fifty- billion dollars approval of a general allocation by the IMF Board of Governors. The IMF allocation announced by the Managing Director, Kristalina Georgieva, is meant to…
The World Bank says about seven million Nigerians may have been pushed into poverty due to current high cost of living. The World Bank made the revelation in its latest report titled: “Nigeria Development Update: Resilience through Reforms.” The international financial institution noted that the high inflation rate is worsening poverty and causing businesses to suffer in…
The National Bureau of Statistics says inflation rate in the month of May 2021 is now 17.93 per cent. The Bureau said the figure reduced by 0.19 per cent from the 18.12 per cent recorded in April, 2021. The NBS made this known in its Consumer Price Index report of May 2021.
The Monetary Policy Committee of the Central Bank of Nigeria has again retained the monetary policy rate at eleven-point five percent. CBN Governor, Godwin Emefiele, made the announcement at a news conference at the bank’s headquarters in Abuja. The Central Bank Governor also complained about the negative effect of insecurity in Nigeria on the nation’s economy. Godwin…
The Federal Government has borrowed two point five billion US dollars to fund the construction of the Lagos-Ibadan railway. This was made known by the Minister of Transportation, Rotimi Amaechi, during a television interview last night. Amaechi further said that by the time the railway project is completed, government would have spent up to two point six…