The National Bureau of Statistics (NBS) on Wednesday announced that its official website has been hacked.

The bureau disclosed this on its X handle.

The NBS announced that it is currently working to recover the website and urged the public to disregard any messages or reports posted on the site until it is fully restored.

“This is to inform the public that the NBS Website has been hacked and we are working to recover it. Please disregard any message or report posted until the website is fully restored. Thank you,” the NBS said.

The NBS is the principal agency responsible for the collection, analysis, and dissemination of statistical data in Nigeria.

The statistics office has recently published several key reports such as the Nigerian Gross Domestic Product (GDP) Report Q3 2024, which provides an update on Nigeria’s economic growth and performance, the Nigeria Labour Force Survey (NLFS) report for Q2 2024, which offers insights into Nigeria’s labor market, including employment and unemployment rates and the Consumer Price Index November 2024, which provides the latest information on Nigeria’s inflation rate, among others.

In November, the NBS said Nigeria’s GDP grew by 3.46 per cent year-on-year in real terms in the third quarter of 2024.

The NBS said this growth rate is higher than the 2.54 per cent recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19 per cent.

On Monday, the NBS said Nigeria’s annual inflation rate rose to 34.60 per cent in November from 33.88 per cent in October.

This marks a continuation of the upward trend observed in September, when the nation recorded a reversal of a two-month decline.

UK inflation climbed to 2.6% in November, up from 2.3% in October, according to the Office for National Statistics (ONS).

The rise matches market expectations and comes as the Bank of England prepares for its upcoming decision on interest rates later this week.

Core inflation, which excludes volatile items such as food and energy, also increased to 3.5% from 3.3% in October. However, this was slightly below the anticipated figure of 3.6%. Services inflation, closely watched by the Bank of England for signs of domestic price pressures, remained steady at 5%, slightly below market expectations of 5.1%.

Earlier this year, falling inflation allowed the Bank of England’s Monetary Policy Committee (MPC) to lower interest rates in August and November. The headline rate dropped to 1.7% in September but has since been pushed higher by rising energy costs and persistent services inflation.

Despite the recent uptick, the Bank of England is widely expected to keep interest rates on hold at its meeting this week. Markets remain divided on whether a rate cut will come at the February meeting.

Michael Brown, senior research strategist at Pepperstone, highlighted the challenges ahead. “While risks to this base case are tilted towards a more dovish outcome, given increasing signs of overall economic momentum stalling, policymakers will be rapidly seeking convincing signs of disinflationary progress being made, as the economic cocktail facing UK Plc. increasingly becomes a stagflationary one,” he said.

The inflation figures follow Tuesday’s data showing stronger-than-expected wage growth. Average earnings, including bonuses, rose by 5.2%, exceeding the 4.6% forecast and October’s figure of 4.4%.

Chancellor to the Exchequer Rachel Reeves acknowledged the ongoing struggles faced by households. “I know families are still struggling with the cost of living and today’s figures are a reminder that for too long the economy has not worked for working people,” she said.

Reeves outlined recent measures aimed at supporting workers, including no increases to national insurance, income tax, or VAT, as well as boosting the national living wage by £1,400 and freezing fuel duty. “Since we arrived, real wages have grown at their fastest in three years. That’s an extra £20 a week after inflation. But I know there is more to do. I want working people to be better off, which is what our Plan for Change will deliver,” she added.

Inflation is expected to rise further in the coming year as the UK continues to take a more gradual approach to easing monetary policy compared to other developed central banks.

Black Market Dollar (USD) To Naira (NGN) Rate As Of December 18, 2024Wondering about the current Dollar to Naira exchange rate at the black market, also known as the parallel market? Here’s the latest update for December 17, 2024, along with the rates for buying and selling US dollars in the Nigerian black market.

How Much is a Dollar to Naira Today in the Black Market?

As of Tuesday, December 17, 2024, the exchange rate at the Lagos parallel market (Black Market) stands as follows:

•Buying Rate: N1665

•Selling Rate: N1675

These rates reflect what buyers and sellers are willing to trade US dollars for in the black market. However, please keep in mind that these rates are subject to change and can fluctuate based on supply and demand.

Dollar to Naira Black Market Rate – December 17, 2024

•Buying Rate: N1665

•Selling Rate: N1675

Dollar to Naira CBN Rate Today

The official Central Bank of Nigeria (CBN) rates differ from those in the black market. For today, the CBN exchange rate for the Dollar to Naira is:

•Highest Rate: N1555

•Lowest Rate: N1520

It’s important to note that the Central Bank of Nigeria (CBN) does not endorse the black market exchange rate. The CBN encourages individuals to conduct their foreign exchange transactions through approved channels, such as commercial banks and licensed Bureau De Change (BDC) operators.

Please be aware that the exchange rates for buying or selling foreign currency may differ from the values listed here, as they can vary throughout the day. Always confirm rates with your local dealers before making any transactions.