The National Bureau of Statistics (NBS) says inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%.
This was contained in its Consumer Price Index (CPI) released on Monday.
The report followed the hike of Nigeria’s interest rate from 22.75% to 24.75% by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).
The March inflation occurred at a time when measures by the apex bank to strenghten the naira against foreign exchange have seen some positive results.
The naira has appreciated against the dollar in recent weeks, gaining over 40%, from about N1,900/$ to about N1,100/$1 now.
