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Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg - Business - Nairaland

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Nigeria’s External Reserves Hit Four Year High Of $38.2bn — Emefiele / Nigeria’s External Reserves Hit 3-year High At $33.112 Billion / Nigeria Inflation Soars To Almost Four-year High Of 12.8% (2) (3) (4)

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Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by LordVarys: 7:24am On Mar 16, 2016
Nigeria’s inflation rate rose above 10 percent in February for the first time since December 2012 as food prices soared and the central bank’s capital controls pushed up import costs.
Inflation accelerated to 11.4 percent on an annualized basis from 9.6 percent in January, the National Bureau of Statistics said in a report published on Tuesday in the capital, Abuja. Food prices gained 11.4 percent in February from a year ago, up from 10.6 percent in the previous month.

Instead of stemming inflation, the central bank’s pegging of the currency in the past year has accelerated price growth by leading to dollar shortages and causing the black-market exchange rate to plunge, according to London-based Capital Economics Ltd. While Governor Godwin Emefiele has held the naira at 197-199 against the dollar since March last year through trading and import restrictions, the black market rate has fallen to around 325.

“We believe that the key factor driving this acceleration in inflation is the de facto devaluation of the naira,” John Ashbourne, an economist at Capital Economics, said in an e-mailed note. “As FX restrictions squeeze an ever-increasing share of consumers out of the official market, the parallel market exchange rate will increasingly determine the cost of imported goods.”
Inflation Target
Inflation has been above the central bank’s 6 percent to 9 percent target band since May. Policy makers lowered the benchmark interest rate by 2 percentage points to 11 percent in November to help support an economy hit by plunging oil prices. The bank will make its next rate decision on March 22.
The median estimate of 17 analysts surveyed by Bloomberg was for inflation to reach 9.9 percent. Consumer prices rose 2.3 percent in February from the previous month.

Growth in Nigeria, Africa’s biggest oil producer, slowed to 2.8 percent last year, the weakest level since 1999 and down from 6.2 percent in 2014. The central bank’s currency curbs have been blamed by analysts for worsening the slowdown by deterring foreign investment and making it difficult for businesses to buy imported goods.
“Looking ahead, inflation is likely to rise further and erode household purchasing power,” Chernay Johnson, an analyst at Credit Suisse Group AG in Johannesburg, said in an e-mailed research note. “The administrative FX controls on certain imports, including manufactured inputs and agricultural goods, have since their introduction in mid-2015 led to short supply in the local market and higher imported inflation.”


http://www.bloomberg.com/news/articles/2016-03-15/nigerian-february-inflation-soars-to-three-year-high-of-11-4

3 Likes 1 Share

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Destined2win: 7:26am On Mar 16, 2016
Even in the midst of all these earthly turmoils, I soar.

10 Likes 1 Share

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by slap1(m): 7:29am On Mar 16, 2016
APC - All Promises Cancelled:

*From one meal a day to NASCO biscuits

* From defeating Boko Haram in three months to (indirectly) empowering Fulani terrorists

* From $1=#1 to $1=#320

* From #5,000 to unemployed youths to charging #50 tax to unemployed youths

* From creating millions of jobs to sacking thousands of workers

* From diversifying the economy to planning oil exploration in the north east

* From fighting corruption to fighting the PDP
* From stabilizing global oil price to...you know nagrin
Etc
Sai Baba
Sai Change
Sai borrowing money to buy election form
Sai Abacha did not steal
Sai the stabilizer of world oil price
Sai hypocrite
Sai expatriate president
Sai missing budget
Sai budget cabals

98 Likes 9 Shares

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by godoluwa(m): 7:30am On Mar 16, 2016
No thanx to barber & zombies

10 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Vikkie14: 7:59am On Mar 16, 2016
"The Government has lost control of the Economy".... Lai muhammed

"No, I did not say the government has lost control"...Lai Muhammed

How market "Mr Saviour"

33 Likes 2 Shares

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Vikkie14: 8:01am On Mar 16, 2016
Why wont it soar when we have CHANGE.

6 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by ShitHead(m): 11:24am On Mar 16, 2016
When you leave your destiny in the hands of, selfish and illiterate old men who are closer to the grave...what do you expect? Nigeria is heading the way of Zimbabwe where a loaf of bread is sold for 10 trillion dollars.

15 Likes 1 Share

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by henrydadon(m): 11:25am On Mar 16, 2016
what has buhari really done to help the economy of this country since he became president?..
undecided
absolutely notin
so we all are going to open our eyes and allow one man ruin the country .. angry undecided
cattle rarer
tourist traveler
Nigerian we are wiser than this

12 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Samiceman: 11:25am On Mar 16, 2016
APC....... Chains! cry

10 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by eke96: 11:26am On Mar 16, 2016
From promise of CHANGE to CHANGE of promise - apc

15 Likes 1 Share

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by cold(m): 11:26am On Mar 16, 2016
The shape of things to come. Way to go! Buhari

4 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by yekparikpa(m): 11:26am On Mar 16, 2016
That moment when you scream APC!!!
Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Adesiji77: 11:26am On Mar 16, 2016
Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by gurunlocker: 11:26am On Mar 16, 2016
Thanks to our amiable dullard.... if we talk, zombies will say 'bubu is on the right path'.... nothing to show for after 10 months.

9 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Mistermamus(m): 11:27am On Mar 16, 2016
Effect of chanji

3 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Jarchi(m): 11:27am On Mar 16, 2016
Lesson 3024
Never lie or make your rival feel all his hardwork are wastework just to take same position,cuz karma is watching in 3d.

17 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Kayendy(m): 11:27am On Mar 16, 2016
D problem with dis inflation is dat salaries r not inflating as well.. pple earning 20000 wen indomies was #50 r still earning same now indomie has increased infact some r earning even less..

11 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by grandstar(m): 11:28am On Mar 16, 2016
These restrictions have worked nowhere in the world. They are the height of economic illiteracy.

How long will the government continue to defy gravity?The naira will definutely hit 400 if this expansionary budget is passed.

The economy is finished

6 Likes 1 Share

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by obynocute(m): 11:28am On Mar 16, 2016
is it d fault of this present government...

2 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by dragonking2: 11:28am On Mar 16, 2016
By the time the fo0lish illiterate dullard finish everybody in this country, there will be no difference between Nigeria and Sudan

6 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by amdoyin82(m): 11:28am On Mar 16, 2016
Next time wen hear the word "change" its either u run or u change buhari. Shikena!

3 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Nnemuka(f): 11:29am On Mar 16, 2016
Bloomberg must be PDP loyalists to come up with this article.
we love our change abeg.

sai baba

5 Likes 1 Share

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Nobody: 11:30am On Mar 16, 2016
Where's one minister of finance??
I doubt if we have one.
Where is Grand Commander Federal republic Of Nigeria??
I doubt if he have a clue on the ongoing Economic Crisis; and he's busy jukketing and global trotting.

And the E-rats A.K.A Zombies will be singing their praises even in point of death.

11 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by osscarr(m): 11:30am On Mar 16, 2016
so this is what buhari has to offer we should hav kept riding on Jonathans Goodluck i swear this man is badluck to Nigeria SMH

8 Likes 1 Share

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Jroy(m): 11:30am On Mar 16, 2016
Yes... They aff changed
Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Jroy(m): 11:30am On Mar 16, 2016
Now thats watsup
Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Bawsse(m): 11:30am On Mar 16, 2016
I'm tempted to wail buh I still feel it can only get better..
The Senate chamber of the NA jus reallocated N10bn off d #BudgetOfYams to IDPs. I'm being considerate cos PMB, myt be a religious bigot but he may also mean well.

I'm nt a political prostitute, so Im giving PMB one year after this 2016 budget have passed to impress me..





Before u quote me, know that I also gave that ineffectual, 'some guy named Jonathan' his fair chance, he failed us..
PMB carry go
Naija go better!
Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by GabrielYulaw(m): 11:31am On Mar 16, 2016
shocked
ShitHead:
When you leave your destiny in the hands of, selfish and illiterate old men who are closer to the grav shocked :oe...what do you expect? Nigeria is heading the way of Zimbabwe where a loaf of bread is sold for 10 trillion dollars.
shocked shocked :otrillion Zimbabwean dollars for common loaf of bread kwa? hope na bread of life e be. its like u will need a bullion van to carry around so much cash nd buy bread. nd no dnt tell me cost of an iphone there

1 Like

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Nobody: 11:32am On Mar 16, 2016
It is quite sad how things have turned out since the present administration took over.

I must say that I am certain that the present government did not come to power to deliberating hurt Nigerian economy and make the masses suffer but in as much as they had good intentions at this point and given the situation on ground 'good intentions' does no one any good and Nigeria will never be great on "good intentions" only.

It is high time this government takes the act of governing seriously and start finding solution to our problems. It will do them good if they swallow their pride and start hiring capable hands, even if it means capable hands from the past administration, they should because in the long run it is all about Nigeria and Nigerians and not party affiliation or a show of gratitude for support during the last election.

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Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by Goddex: 11:32am On Mar 16, 2016
[size=15pt]This is the worst Nigerian
government since I was born
[/size]

6 Likes

Re: Nigeria's Inflation Surges To Three Year High Of 11.4% - Bloomberg by html14java(f): 11:32am On Mar 16, 2016
it is called
[size=18pt]C[/size]H[size=24pt]A[/size][size=22pt]N[/size][size=36pt]G[/size][size=42pt]E[/size]

7 Likes

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