In a decisive move to curb inflation and stabilise the economy, the Central Bank of Nigeria (CBN) has dramatically increased the monetary policy rate (MPR) by 400 basis points, setting it at an unprecedented 22.75%.
Nigerians are facing one of the West African nation’s worst economic crises in years triggered by surging inflation, the result of monetary policies that have pushed the currency to an all-time low against the dollar. The situation has provoked anger and protests across the country.
Nigeria’s inflation rate for January 2024 rose to 29.90% from 28.92% recorded in the previous month according to the latest National Bureau of Statistics (NBS) inflation report.
The Nigerian naira plummeted to an all-time low of N1,534.39 per dollar on Monday, accompanied by a staggering 64.69% drop in forex turnover to $89.61 million.
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