- As countrys external reserve sinks to 8-month low
After attaining the highest level in 30 months in October, Nigerias headline inflation climbed further to 14.89 percent, the latest figures by the National Bureau of Statistics (NBS) have shown.
This is the 14th straight month the rate has quickened. This may be attributed to the rise in food prices initially caused by border closures, dollar restrictions and the recent banditry attacks that are preventing farmers from producing food.
The report published on the website of the bureau yesterday shows that the new inflation rate is 0.66 percent points higher than the rate recorded in October 2020 (14.23 percent). In the latest report, the composite food index rose sharply by 18.30 percent in November 2020, compared to 17.38 percent in October 2020.
Similarly, the country’s foreign reserves plummeted further to $34.85 billion on December 14, according to the Central Bank of Nigeria (CBN). This is the lowest level since April when it touched $33.4 billion in the wake of the COVID-19 pandemic and falling oil prices.
Data from the CBN shows that in the last five weeks, the nation’s foreign reserves fell by $805 million from $35.656 billion as of November 4, 2020.
