Nigeria’s inflation rate hits 15.70% as exchange rate stalls

The National Bureau of Statistics (NBS) on Tuesday, March 15, 2022, reported that Nigeria’s inflation rate has risen to 15.70% amid the biting fuel scarcity.

The consumer price index, which measures the rate of increase in the price of goods and services, rose to 15.70% year-on-year in February 2022.

According to the NBS, the highest increases were recorded in prices of gas, liquid fuel, wine, tobacco, spirit, narcotics, solid fuels, among others.

It said, “In February 2022, the CPI which measures inflation increased to 15.70% on year-on-year basis. This is 1.63% points lower compared to the rate recorded in February 2021 (17.33%). This means that the headline inflation rate slowed down in February when compared to the same month in the previous year.

“Increases were recorded in all classification of individual consumption by purpose divisions that yielded the headline index. On month-on-month basis, the headline index increased to 1.63% in February 2022, this is 0.16% rate higher than the rate recorded in January 2022 (1.47%).”

The official rate today, Tuesday, March 15, 2022, for $1 dollar to naira = ₦416.04/$1.

According to the data at the FMDQ Security Exchange where forex is traded officially, the exchange rate between the naira and the US dollar opened at ₦416.04/$1 on Tuesday after it closed at ₦416.50 to a $1 on Monday, 14th March 2022.

According to reports, the dollar to naira exchange rate has maintained an average of N416.69 to a dollar since the beginning of the new year.

However, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N575 and sell at N580 on Tuesday according to sources at Bureau De Change (BDC).

Note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.