CBN monetary policy

Nigeria

Nigeria’s Inflation Hits 36.8% – Highest in 28 Years: Experts Warn of Deepening Economic Crisis

Nigeria's inflation rate has surged to 36.8%—the highest level since 1997—according to data released today by the National Bureau of Statistics (NBS). The alarming spike, up from 33.2% in March 2025, reflects worsening economic conditions, with food inflation reaching a staggering 42.1%. The Central Bank of Nigeria (CBN) has called an emergency monetary policy meeting next week, while President Bola Tinubu meets with state governors to address the crisis. Key Drivers of Inflation Surge 1. Food Price Crisis Staple food prices (rice, beans, garri) have doubled in the past year. Farmers' herders clashes in the North and flooding in key agricultural states (Benue, Kano) continue to disrupt food supply. 2. Energy & Transportation Costs Diesel prices now at ₦1,800 per liter, forcing businesses to cut operations. Petrol scarcity persists despite NNPC’s assurances, with black market rates hitting ₦1,200/liter. 3. Naira Depreciation The Naira trades at ₦1,850/$1 in the parallel market despite CBN interventions. Dollar shortages cripple manufacturers […]

Ahmad April 11, 2025