Economy
UK inflation rises further ahead of Bank of England rates decision
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.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means that…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.
As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.
What’s the dollar to naira black market today 3rd April 2025?
The local currency (abokiFx) opened at ₦1,560.00 per $1 at the parallel market, otherwise known as the black market, today, Thursday, 3 April 2025, in Lagos, Nigeria, after it closed at ₦1,550.00 per $1 on Wednesday, 2 April 2025.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate of $1 ₦1,545
Selling Rate of $1 ₦1,555
Please note that Nigeria’s black market dollar-to-naira exchange rate is typically higher than the official exchange rate because the Federal Government does not regulate it. The rates you buy or sell forex may differ from what is captured in this article because prices vary.
What is the official exchange rate for dollar to naira today? Here is the dollar to naira CBN rate today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate of $1 ₦1,530
Selling Rate of $1 ₦1,531
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.
Naira appreciated against the dollar on Wednesday at the official foreign exchange market after the Eid-el-Fitr holidays.
The Central Bank of Nigeria’s data showed that the naira strengthened to N1,531.25 per dollar on Wednesday from N1,536.82 recorded last Friday.
This means that the naira gained N5.57 per dollar on a day-to-day basis.
Meanwhile, on the black market, the naira depreciated to N1,555 per dollar on Wednesday from N1,550 traded on Friday before the Eid-el-Fitr holidays.
Meanwhile, recall that over the weekend, the Central Bank of Nigeria announced that the Net Foreign Exchange Reserve, NFER, stood at $23.11 billion, the highest level in over three years.
The Central Bank of Nigeria (CBN) has dismissed claims that it has introduced new N5,000 and N10,000 notes, labeling the reports as false.
In a statement posted on X on Wednesday, the apex bank debunked the rumors, stating: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”
The clarification comes amid widespread misinformation suggesting that the CBN planned to roll out high-denomination banknotes to reduce cash-handling costs and improve liquidity management.
Some versions of the false reports even attributed comments to a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., claiming the notes would be introduced on May 1, 2025.
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SEE Black Market Dollar To Naira Exchange Rate Today 3rd April 2025
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