Naira Scarcity: Nigeria’s inflation hits 21.91%
In the midst of unpredictable economic environment being faced by Nigerians due to Naira scarcity, the nation’s inflation rate rose in February to 21.91 percent.
The figure is higher when compared to 21.82 per cent in January, the National Bureau of Statistics(NBS) announced Wednesday.
The NBS said the February inflation rate showed an increase of 0.09 per cent points when compared to January’s headline inflation rate.
The rise in the inflation rate is sequel the naira crisis across the country and uncertainties relating to the just concluded presidential election.
The NBS said the rise in food inflation was caused by increase in prices of oil and fat, fish, meats, vegetable, yam and other tubers, bread and cereals, and other foods.
In recent months, Nigerians have faced an unprecedented cash crunch as a result of the naira redesign policy of the Central Bank of Nigeria (CBN).
The crisis has plunged many citizens into hardship, with numerous others finding it extremely difficult to meet their daily needs.
Earlier in March, the Supreme Court ruled that the CBN must extend the use of old banknotes until 31 December due to the negative impact of the policy.
