Nigeria’s inflation rate rose by 0.92 basis points to 20.52 percent in August from 19.6 percent in July, the National Bureau of Statistics, NBS has disclosed today in its Consumers Price Index, CPI report for August.
This represents the seventh consecutive monthly rise in Headline inflation since February.
Food inflation also rose to 23.12 percent in August 2022, representing a 1.1 percent age-point increase compared to 22.02 percent recorded in the previous month.
The NBS said: “In August 2022, on a year –on- year basis, the headline inflation rate was 20.52 percent . This was
3.52 percentage point higher compared to the rate recorded in August 2021, which was (17.01 per cent).
“This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (i.e.August 2021).
“On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77 percent, this was 0.05 percent lower than the rate recorded in July 2022 (1.82 percent).
The Increases were recorded in all COICOP divisions that yOn food inflation, it stated:”The food inflation rate in August 2022 was 23.12 percent on a year-on-year basis; which was 2.82 percent higher compared to the rate recorded in August 2021 (20.3 percent).
“This rise in the food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tuber, fish, meat, oil and fat.
“On a month-on-month basis, the food inflation rate in August was 1.98 percent, this was a 0.07 percent decline compared to the rate recorded in July 2022 (2.04 percent).
“This decline is attributed to reduction in prices of some food items like tubers, garri, local rice and vegetables.”
Naira to Dollar Crashes Massively at Official, Black Market Exchange Windows, Surpasses 740/$
The Naira to Dollar exchange rate has crashed massively at official and black market exchange rate windows. See the current exchange rate.
On Tuesday morning, October 4, 2022, the Dollar to Naira at black market exchange rate crashed further to a record low of N745/$1, a drop of 0.68% from the N735/$1 recorded on Monday October 3rd.
This was contained in data obtained from Dollar to Naira black market exchange traders.
However, at the Investors and Exporters window, where the dollar to naira is officially traded, the Naira to dollar crashed to 445/$1.
On Monday October 3rd, the exchange rate at the Investors and Exporters window crashed by 0.15% to close at N437.03/$1 as compared to N436.37/$1 observed in the previous session.
Despite an increase in the volume of traded FX in the window, this is the case.
Total foreign exchange turnover was $223.3 million, an increase of 86.9% from the $119.49 million that was transacted in the previous trading session.
The local currency, on the other hand, recorded a slight depreciation of 0.25% as compared to N735/$1 traded at the same time on Thursday, September 28, 2022, at the cryptocurrency peer-to-peer FX market, trading at a minimum of N736.8/$1 on Friday morning.
Nigeria’s external reserve decreased by 0.1% from the previous day’s $38.36 billion to $38.32 billion as of September 28th, 2022.
Due to the CBN’s ongoing intervention in the official market to preserve the stability of the local currency, the country’s foreign reserve has been on the decline.
FG files charges against Facebook, Instagram, Whatsapp over ‘unapproved’ adverts
*Seeks N30 billion penalty
By Francesca Iwambe
The Federal Government has filed charges against Meta Platforms Incorporated (owners of Facebook, Instagram, and WhatsApp platforms) and its agent AT3 Resources Limited at the Federal High Court, Abuja Judicial Division.
This was disclosed by the Advertising Regulatory Council of Nigeria (ARCON) on Tuesday.
The apex regulatory body for Nigeria’s advertising ecosystem, ARCON in a statement noted that the government is seeking a declaration among others that the continued publication and exposure of various advertisements directed at the Nigerian market through Facebook and Instagram platforms by Meta Platforms Incorporated without ensuring the same is vetted and approved before exposure is illegal, unlawful and a violation of the extant advertising Law in Nigeria.
According to ARCON, Meta Platforms Incorporated’s continued exposure of unvetted adverts had also led to loss of revenue to the Federal Government.
ARCON is seeking N30bn in sanction for the violation of the advertising laws and for loss of revenue as a result of Meta Incorporated’s continued exposure of unapproved adverts on it’s platforms.
The statement read in part, “ARCON reiterates that it would not permit unethical and irresponsible advertising on the Nigeria’s advertising space.”
According to ARCON, the Council is not regulating the online media space. Rather, it’s focus is on advertising and marketing communications on the online platforms in line with its establishment Act.
IMF urges quick actions against food insecurity affecting 345m people
The Managing Director (MD) of the International Monetary Fund (IMF), Ms. Kristalina Georgieva, called for urgent actions against global food insecurity.
Writing in a blog, she said that acute food insecurity was threatening the lives and livelihoods of 345 million people , across the world.
“The suffering is worst in 48 countries, many highly dependent on food imports from Ukraine and Russia. The financial costs of the crisis are rising, too.
“We must all act now to ease the suffering of those experiencing hunger, by supporting countries who take strong policy action with the financing they need,” she said.
The IMF staff have estimated that the rising cost of food and fertilizer imports in countries highly exposed to food insecurity will add $9 billion to their balance of payments pressures in 2022-23.
They warned, “This will erode their international reserves and ability to pay for food imports.”
According to them, many countries’ policymakers have introduced fiscal measures to protect people from the food crisis and that highly exposed countries would need as much as $7 billion this year alone to help the poorest households.
According to the IMF, “The international community must…take decisive action to ensure that the needed financing is in place.”
Food and energy costs have been driving global inflation rates for several months, particularly since Russia’s invasion of Ukraine.
In Nigeria, the food prices have also driven the inflation rate to 20.5 percent due to attacks on farmers by criminals claiming to be herders and bandits, which have negatively impact food production, across the country.
Flooding of farms has also exacerbated the challenges of food production, in the last two months.
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