Posted by Many Nigerians are becoming increasingly impatient as the country struggles to recover from the economic challenges caused by rising inflation.
The twiscoloaded says that President Bola Ahmed Tinubu’s administration has been struggling with issues like growing inflation, debt management, and a forex crisis in its short five months in office.
The headline inflation rate in Nigeria rose to 26.72 percent in September from 25.80 percent in August 2023, and as a result, millions of people in the country are having trouble affording three square meals a day and other needs.
The information was made public in the September CPI report from the National Bureau of Statistics.
In the ninth month of growing inflation, food price increases led the way with a rate of 30.64 percent, according to the data.
Oil and fat costs, bread and cereal prices, potatoes, yam and other tubers, fish, fruit, meat, vegetable, milk, cheese, and egg prices were all cited by NBS as contributing factors to the rising cost of food.
The ongoing decline of the Naira in value relative to the Dollar on the foreign exchange market is a further cause for concern.
According to twiscoloaded, the Naira has continued to lose value versus the US Dollar on the forex market ever since its floating on June 14.
It’s hard to tell what will happen at this point. At the moment, I may purchase US dollars at N1,150 and sell them at N1,160. Dayyabu Mistila, who runs a bureau de change in Wuse Zone 4, recently told twiscoloaded “I have enough foreign currency at the moment.”
For weeks now, the Central Bank of Nigeria has not only removed forex restrictions on rice, cement, and 41 other products, but the Naira has also been plunging.
The central bank said the measure will relieve pressure on the Naira at the forex, but the currency continues to fall in value against the dollar.