By Lukman Shobowale
There is no doubt that these are truly challenging times. The slowdown in global economic activities, occasioned by both the impact of COVID-19 and the Russia-Ukraine crisis, have resulted in a cost of living crisis and a decline in the global volume of trade, leading to inflationary pressure at national, regional and global levels.
As one would imagine, Nigeria has not been insulated from the financial shock and rise in global inflation. In its latest report, the Nigeria Bureau of Statistics (NBS) put the nation’s inflation at 21.47%, in November 2022, the highest so far recorded in the nation’s history. This has led to rise in food inflation and a corresponding decline in purchasing power of most Nigerians, leaving more people in severe poverty.
Similar to other monetary authorities in the world, the Central Bank of Nigeria has continued to tighten its monetary policy, as part of measures to address the growing inflation, notably through…
Source: Thisday Newspaper
