Nigeria's inflation hit a 28-year high of 33.2% in March 2024 due to rising food prices and energy costs.
Nigeria's inflation surged to a 28-year high of 33.2% in March 2024, up from 31.7% in February, despite the country's currency gaining strength. The increase in inflation was mainly driven by rising food prices and energy costs. Despite the naira's appreciation, the Central Bank of Nigeria has continued to raise interest rates to combat inflation, with borrowing rates now at 24.75%.
April 15, 2024
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