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Despite Naira Appreciation, Prices Surge in Nigeria



In Nigeria, the prices of goods and services have continued to rise, even as the Naira has strengthened against the Dollar in the foreign exchange market.

Recent data from the National Bureau of Statistics revealed a significant increase in headline inflation to 33.20%, with food inflation surging even higher to 40.01% in March.

This has led to a situation where Nigerians are faced with paying higher prices for essential items and services.

The NBS reported a notable increase in prices of staple foods like yams, garri, rice, and beans.

Furthermore, the escalating energy costs, including fuel, diesel, and recent electricity tariff hikes, have also contributed to the inflationary pressures.

Despite the challenging economic environment, the Naira has been experiencing a positive trend against the Dollar since February 2024.

For instance, on Monday, the Naira appreciated to N1,136.04 per Dollar from N1,900 in February 2024.

Ayo Teriba, the Chief Executive of Economic Associates, EA, mentioned that it could take between three to twelve months to witness the effects of the exchange rate improvements on the prices of goods and services in the country.