Details of why CBN Policies can’t bring inflation down can be accessed below.
inflation seems to be the buzzword in Nigeria these days. It comes as no surprise, though, given the near-unprecedented rise in the prices of goods and services in the country in recent times. July 2022 inflation rate – the highest in the country since 2005 – stood at 19.64%, up from 15.60% in January 2022, according to the National Bureau of Statistics (NBS).
Even without official statistics to back it up, Nigerians have been feeling the pangs of inflation for quite some time now, as the price of virtually everything seems to increase with each visit to the market. Some may even argue that the NBS’ reports do not paint a true picture of what is on ground.
This is happening despite several interventions made by the Federal Government, mostly through the Central Bank of Nigeria (CBN), to stem the tide. And it makes one wonder if the government is failing to tackle inflation.