As reports of recent appreciation of the Naira against the Dollar in Nigeria’s foreign exchange market flood the internet, prices of goods and services have continued to soar, according to the latest data from the National Bureau of Statistics (NBS).
In March, headline inflation surged to 33.20 percent, with food inflation reaching a staggering 40.01 percent. This has led to Nigerians paying more for essential items and services.
The NBS report highlights a significant increase in the prices of staple foods such as yams, garri, rice, and beans. Additionally, rising energy costs, including fuel, diesel, and recent electricity tariff hikes, have further fueled inflationary pressures.
Notably, the Naira has seen consistent appreciation against the Dollar since February 2024, with its value rising from N1,900 to N1,136.04 per Dollar as of Monday.
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Despite this improvement in the exchange rate, Ayo Teriba, the Chief Executive Official of Economic Associates (EA), cautioned that it could take anywhere from three to twelve months to witness any tangible impact on the prices of goods and services in Nigeria.
