Figures from the Nigerian Bureau of Statistics have shown that Nigeria’s headline inflation has increased to 18.5% in November. It is the 13th consecutive month of rising ingestion after inflation rose to 18.3% in October and the report shows increases in the prices of imported foods, meat, bread and cereals and fish.
A dollar shortage, as well as another partial removal of the currency peg at N280 to the dollar, have driven the latest increases. Critics continue to point out that the CBN still maintains an official exchange rate of 315.75 against the dollar while it trades at 485 on the black market.
President Muhammad Buhari presented the proposed 2017 budget to the National Assembly during the week, calling the N7 trillion budget, a budget of economic growth.