Nigerian’s inflation rises amid cash crunch

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BY SULE TAHIR.

Nigeria’s inflation rate climbed to a new 17-year high of 21.91% in February 2023 on the backdrop of the new naira note design and uncertainties relating to the presidential election.

This was contained in the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report published on Wednesday, March 15, 2023.

This comes amid the uncertainties being faced by Nigerians due to the scarcity of the redesigned Naira notes.

The inflation rate for February is 0.09% point increase compared to the 21.82% recorded in the previous month.

Similarly, food inflation rose to 24.35% year-on-year in the review month from 24.32% recorded in the previous month.

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