Nigeria’s rising inflation worrisome, experts say

Two financial experts on Friday expressed concerns over the country’s rising inflation rate and urged the Federal Government to revisit the borders closure. They said this in separate interviews with the News Agency of Nigeria (NAN) in Lagos while reacting to the September inflation figure released by the National Bureau of Statistics (NBS) on Thursday. The Consumer Price Index report released by the NBS said that the nation’s headline inflation rose by 0.49 basis points in September to 13.71 per cent from 13.22 per cent recorded in August. NAN reports…

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Nigeria’s economy teeters on the verge of recession

Recession knocks on the door of Nigeria with pain and misery starring the people in the face as foreign-currency shortage is squeezing life out of Africa’s biggest economy as in 2015. According to Bloomberg Banks won’t honor card payments, foreign investors can’t get their money out and manufacturers are unable to import vital raw materials as output hurtles toward a second contraction in four years. Also, BusinessDay said its investigations show that emerging GDP data for Q2 point to an inevitable economic contraction of frightening proportions. And as was the…

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