INFLATION WATCH – MAY 2024
Inflation Watch – Consumer Prices in Nigeria Bites Harder. In May, Nigeria’s headline inflation reached a new high at 33.95% year-on-year, up from 33.69% in April 2024 (Bloomberg’s estimate: 34.10%), according to data released by the National…
Q1 2024 GDP Highlights
NIGERIA’S GDP GREW AT 2.98% IN Q1’2024 vs 2.31% IN Q1’2023 Nigeria’s Gross Domestic Product (GDP) grew by 2.98% year-on-year in Q1 2024, as per Bloomberg’s estimate of 3.49%. This surpassed the 2.31% growth rate in Q1 2023…
MPC HIGHLIGHT – MAY 2024
During today’s MPC meeting, Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria, reiterated that the MPC’s primary focus is to achieve price stability. He also noted the improvement in inflation, particularly the monthly decline…
INFLATION WATCH – APRIL 2024
Inflation Watch – Nigerian Inflation accelerates to 33.69% in April. In April, Nigeria’s headline inflation increased to 33.69% year-on-year from 33.20% in March 2024 (Bloomberg’s estimate: 34.20%). However, monthly headline inflation grew at…
INFLATION WATCH – MARCH 2024
In March, Nigeria’s headline inflation surged to 33.20% y/y, marking an increase of 1.50% from February’s figure of 31.70% y/y (compared to Bloomberg’s estimated 32.90%). However, monthly headline inflation slightly decreased to 3.02% m/m in…
MPC HIGHLIGHT – MARCH 2024
Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria, highlighted that the recent Monetary Policy Committee (MPC) deliberations heavily weighed on inflationary pressures and exchange rate fluctuations. The committee was confronted with the…
INFLATION WATCH – FEBRUARY 2024
Nigeria’s headline inflation for February crossed the psychological 30% mark at 31.70% y/y, from 29.90% y/y in January, adding 1.80% in one month period (Bloomberg’s estimate: 31.30%). Monthly headline inflation jumped to 3% levels at 3.12% m/m, from…
MPC HIGHLIGHT – FEBRUARY 2024
The highly anticipated Monetary Policy Committee (MPC) meeting, the first since July 2023 and the inaugural session under the leadership of Dr. Olayemi Cardoso following his appointment as the Governor of the Central Bank of Nigeria (CBN), convened on…
Q4 2023 GDP Highlights
NIGERIA’S GDP GROWTH RATE AT 2.74% IN 2023 (vs 3.10% IN 2022) Nigeria’s Gross Domestic Product (GDP) witnessed a notable expansion of 3.46% year-on-year in the fourth quarter of 2023, surpassing Bloomberg’s estimate of 2.40%. Although…
INFLATION WATCH – JANUARY 2024
Inflation Watch – Nigeria’s Inflation: To The Moon ! In January 2024, Nigeria’s headline inflation surged, accelerating by 0.98% to 29.90% y/y (estimated at 29.5% y/y), compared to 28.92% y/y in December 2023. Monthly headline inflation…
