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| Version 12 | Version 13 |
|---|---|
| Africa Live: Nigeria inflation hits highest rate in nearly 30 years - BBC News | |
| (32 minutes later) | |
| Nkechi Ogbonna | |
| West Africa business journalist, BBC News | |
| Nigeria's annual inflation rate has reached its highest level in nearly three decades. | |
| The rate jumped to 33.2% in March, according to the | |
| National Bureau of Statistics, (NBS). | |
| This is up 1.5% from February. | |
| Food remains the main driver of inflation, | |
| owing to the rising cost of commodities including bread, grains, dairy, eggs, | |
| meat and vegetable oil. | |
| Rising energy costs also contributed, with many manufacturers paying a premium to power their production lines and transport goods within the country. | |
| The naira, Nigeria's local currency, had strengthened, but this improvement is yet to be reflected in the prices of goods and services. | |
| The naira significantly gained against the US dollar after falling | |
| to a record low of 1,825 naira to $1(£0.80) over a month ago, a depreciation of almost 70%. | |
| The Central Bank had increased borrowing rates twice in the last | |
| two months to shrink access to capital and curb inflation, but these | |
| gains are also yet to be felt. | |
| Africa's largest economy is facing an intense economic slump that has forced people into poverty. | |
| Two weeks ago, in a bid to reduce electricity subsidy payments and | |
| increase government savings, the ministers increased electricity tariffs by | |
| over 300% for consumers who use relatively large amonuts of energy, like businesses and households in high-end neighbourhoods. | |
| However, some Nigerians who don't fall into these categories have complained that their bills have also gone up. | |
| Many Nigerians are struggling to manage shrinking purchasing power and eroded | |
| savings, but the government has said its economic measures and policies will help stabilise the economy eventually. | |
| The naira now exchanges at 1,140 to $1. | |
| Related stories: | |
| Nigerians turn to 'throw-away' rice amid steep cost of living | |
| Why Nigeria's economy is in such a mess | |
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