Economy
Inflation surged to 24.23% due to escalating cost of living
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/03/Food-Markets.jpg&description=Inflation surged to 24.23% due to escalating cost of living', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/03/Food-Markets.jpg&description=Inflation surged to 24.23% due to escalating cost of living', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
Inflationary pressure has reappeared as Nigerians grapple with increases in average costs of basic food items and energy.
For the first time after the rebasing of the Consumer Price Index (CPI), headline inflation spiked in March to 24.23 per cent – 105 basis points above the 23.18 per cent recorded in the previous month.
The National Bureau of Statistics (NBS) yesterday indicated that the rate of increase in the average price level was higher in March than the level in February.
In January, the NBS updated the weight and price reference periods in calculation of the CPI to make the inflationary gauge more reflective of changes in consumption patterns and the economy generally.
The rebasing did not only brought the base year closer to the current period from 2009 to 2024, it also introduced some critical methodology changes to improve the computation processes.
After the rebasing, inflation dropped from 34.80 per cent in the pre-rebased period of December 2024 to 24.48 per cent in January 2025. It dropped further to 23.18 per cent in February.
In its latest report, NBS recorded 186 basis points changes between the monthly inflation rate, with the month-on-month rate rising from 2.04 per cent in February to 3.90 per cent in March.
The NBS attributed the spike to the rise in costs of food and alcoholic beverages, fuels and electricity, among other items.
Analysts at CardinalStone said the resurgence was due to renewed foreign exchange (forex) pressures amid heightened global risk-off sentiment.
They pointed at foreign portfolio investments (FPIs) outflows and increased dollar demand, which saw naira dropping by 2.4 per cent in March.
Experts also cited increase in price of Premium Motor Spirit (PMS) or petrol, following the temporary suspension of the naira-for-crude swap arrangement.
Food inflation rate stood at 21.79 per cent in March 2025. The composite food index decreased to 21.79 per cent from 23.51 per cent.
Core inflation, which excludes volatile agricultural produce prices and energy, rose to 24.43 per cent from 23.01 per cent.
Specifically, the month-on-month food inflation rose by 50 basis points from 1.67 per cent in February to 2.18 per cent in March.
The NBS attributed the increase in food inflation to increases in the average prices of basic food items including ginger, garri, broken rice, honey, crabs, potatoes, plantain flour, periwinkle and pepper amongst others.
On a state-by-state basis, food inflation was higher in Oyo with 34.41 per cent; Kaduna (31.14 per cent) and Kebbi (30.85 per cent).
On the other side, the 9.61 per cent recorded by Bayelsa; Adamawa (12.41 per cent) and Akwa Ibom (12.60 per cent), were the lowest inflation rates.
Analysts expressed concerns that the resurgent inflationary pressure might lead to renewed tightening stance by the Central Bank of Nigeria (CBN).
CBN Governor Dr. Olayemi Cardoso, had at the end of the first Monetary Policy Committee (MPC) meeting in 2025, reiterated the apex bank’s commitment to orthodox monetary policies, noting that the apex bank’s stance will be reflective of the inflationary trend.
With inflation rate dropping in February, the MPC had decided to maintain all key monetary policy parameters, including the Monetary Policy Rate (MPR) at 27.50 per cent, the asymmetric corridor around the MPR at +500/-100 basis points, the Cash Reserve Ratio (CRR) at 50.00 per cent for Deposit Money Banks and 16.00 per cent for Merchant Banks, and the Liquidity Ratio at 30.00 per cent.
Clarifying the impact of the rebased CPI, Cardoso had explained that the lower inflation figure should not be misinterpreted.
He underlined the need to analyse more data before drawing comparisons, noting that the CBN is currently assessing the figures and will provide further guidance in due course.
The CBN boss stressed the critical importance of collaboration between monetary and fiscal authorities in sustaining recent economic improvements.
Addressing concerns about the impact of elevated borrowing costs on economic growth, the CBN governor assured that the apex bank’s primary objective is to stabilize the foreign exchange and financial markets.
He expressed confidence that such stability would attract increased foreign investments, stimulating the much-needed economic growth.
Cardoso also highlighted the competitiveness of the Nigerian currency, which has spurred growing interest from international investors.
Economy
Oyedele Delivers ₦39.63bn Lifeline to 24,814 Pensioners as PTAD Clears Long-Standing DBS Liabilities
L:R: Director General of PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance, Mr Taiwo Oyedele in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed his commitment to improving the welfare of Nigerian pensioners with the successful disbursement of ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, ending years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten.”
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 to clear the outstanding 35-month pension liability owed to 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9,481,886,576.53, representing the initial 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme pensioners.
In addition, PTAD paid ₦5,094,784,054.27, representing the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending. We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
The Minister commended the management and staff of PTAD for the prompt implementation of the directive, describing the successful disbursement as evidence of what can be achieved when institutions work together in the public interest.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available.”
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said the Directorate remained focused on delivering efficient pension administration and expressed appreciation to the Honourable Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
The latest payment represents another important step in the Federal Government’s efforts to improve the welfare of retirees and ensure that public institutions deliver meaningful outcomes for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Black Market Dollar-to-Naira Exchange Rate for 3rd July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1408 and buy at ₦1396 on Friday, 3rd July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1408
Buying Rate ₦1396
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1373
Lowest Rate ₦1360
The Black Market Dollar-to-Naira Exchange Rate for 1st July 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 1st July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Wednesday, 1st July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1385
Lowest Rate ₦1376
Nigeria’s Team D’Tigers risks hotel ejection in Angola, over unpaid bills, possible disqualification
Ooni debunks report over conferment of chieftaincy title on Baba Ijesha
Presidency Orders DSS, EFCC To Probe Govt Officials Linked To PFIPC Scandal
-
News14 hours agoSouth Africa snubs compensation for Nigerians who abandoned property after anti-migrants protests
-
News14 hours agoCourt Orders Final Forfeiture Of Ex-Minister’s Abuja Apartment, Seizes Four More Properties
-
Sports14 hours agoArgentina luckily escape as they manageably survive tiny Cape Verde scare after extra time
-
News14 hours agoDespite FG’s denial, documents show the accountant-general’s office posted foreign affairs officials to PFIPC
-
Metro14 hours agoEdo: How We Escaped From Kidnappers’ Den — Victims
-
Metro14 hours agoEdo Police Arrest Fake Medical Doctor, 44 Other Suspects
-
News14 hours ago2027: INEC extends nationwide Continuous Voter Registration, introduces full online registration
-
Sports14 hours ago2026 Work Cup: Prediction flops as Egypt flogs Australia to zoom into round of 16
Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login