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Nigerian inflation rate rises to 34.8% in December 2024

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Nigeria’s inflation rate rose to 34.8% in December 2024, up from 34.6% in November, driven by increased demand for goods and services during the festive season.

This was revealed in the Consumer Price Index (CPI) report for December 2024, published by the National Bureau of Statistics (NBS).

The NBS stated: “In December 2024, the Headline inflation rate was 34.80% relative to the November 2024 Headline inflation rate of 34.60%. Looking at the movement, the December 2024 Headline inflation rate showed a marginal increase of 0.20% compared to the November 2024 Headline inflation rate.”

Explaining the surge, the bureau attributed the increase to heightened demand during the holiday period, saying, “This was due to December festive period increases in demand for goods and services.”

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On a year-on-year comparison, the Headline inflation rate was significantly higher by 5.87% compared to December 2023, when it stood at 28.92%. According to the report: “This shows that the Headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023).”

However, a month-on-month analysis revealed a slight deceleration in the rate of price increases. “On the contrary, on a month-on-month basis, the Headline inflation rate in December 2024 was 2.44%, which was 0.20% lower than the rate recorded in November 2024 (2.64%),” the NBS explained.

“This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.”

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Economy

SEE Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 7th February 2025

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The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) is N1700 on Friday, February 7th, 2024, players bought a dollar for N1685 and sold it for N1700.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Friday, February 7th, 2024.

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.

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Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1685
Selling Rate N1700
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1685
Selling Rate N1700
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.

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Economy

CBN lists conditions for sale of FX to BDC operators

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The Central Bank of Nigeria, CBN, has issued guidelines for the sale of foreign exchange (FX) to Bureaux De Change, BDC, operators.

The modalities are outlined in a statement issued by the Trade and Exchange Department of the CBN on Wednesday.

The Apex Bank stated that this is in response to its earlier authorization granting temporary access to existing BDCs to the Nigerian Foreign Exchange Market (NFEM) for the purchase of FX from authorized dealers.

The CBN noted that authorized dealers are only allowed to sell foreign exchange cash to BDCs, subject to a maximum of USD 25,000.00 per week per BDC.

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The Apex Bank warned that any breach of this condition will attract appropriate sanctions.

The CBN emphasized that the selling rate by authorized dealers to BDCs shall be the prevailing day rate at the NFEM window.

According to the statement from the bank, “foreign exchange cash purchased by BDCs from authorized dealer banks shall be sold to foreign exchange end-users at a rate not exceeding a one percent margin above the buying rate.

“While the one percent margin stated above shall be applicable to all funds to be retailed by BDCs, regardless of the source of funds.”

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Bank of England cuts interest rate to 4.5%

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The Bank of England, on Thursday, reduced its key interest rate by a quarter point to 4.5 percent to help support weak British growth even if UK inflation stays elevated.

“We’ll be monitoring the UK economy and global developments very closely and taking a gradual and careful approach to reducing rates further,” governor Andrew Bailey said following the expected decision.

“It will be welcome news that we have been able to cut interest rates again today.

“We’ll be monitoring the UK economy and global developments very closely and taking a gradual and careful approach to reducing rates further.”

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The details of the rate cut is on the Bank’s website, titled, “Bank Rate reduced to 4.5% – February 2025.”

According to the Bank, “At its meeting ending on 5 February 2025, the Monetary Policy Committee, MPC, voted by a majority of 7–2 to reduce Bank Rate by 0.25 percentage points, to 4.5%.

“Two members preferred to reduce Bank Rate by 0.5 percentage points, to 4.25%.

“There has been substantial progress on disinflation over the past two years, as previous external shocks have receded, and as the restrictive stance of monetary policy has curbed second-round effects and stabilised longer-term inflation expectations.

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“That progress has allowed the MPC to withdraw gradually some degree of policy restraint, while maintaining Bank Rate in restrictive territory so as to continue to squeeze out persistent inflationary pressures.

“CPI inflation was 2.5% in 2024 Q4. Domestic inflationary pressures are moderating, but they remain somewhat elevated, and some indicators have eased more slowly than expected.

“Higher global energy costs and regulated price changes are expected to push up headline CPI inflation to 3.7% in 2025 Q3, even as underlying domestic inflationary pressures are expected to wane further.

“While CPI inflation is expected to fall back to around the 2% target thereafter, the Committee will pay close attention to any consequent signs of more lasting inflationary pressures.”

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