The Nigerian Economic Summit Group has said that inflation weakened the naira by 14.9 per cent, adding that the naira redesign plan of the Central Bank of Nigeria triggered the devaluation of the country’s currency.
“On the welfare side, rising inflationary pressures reduced households’ purchasing power and access to necessities. To illustrate, the purchasing power of N1000 in January 2022 had fallen to N851 by the end of the year. This situation exacerbates various forms of poverty – monetary and non-monetary deprivation – and contributes to Nigeria’s multi-dimensional poverty, which is currently estimated to affect over 6 out of every 10 Nigerians,” the report noted.
It said, “In 2022, Naira depreciated by 2.4 per cent and 30.1 per cent in the Investors’ & Exporters and the parallel market rates to N451/US$ and N745/US$, respectively. Consequently, the premium between the official and the parallel markets expanded from N55 at the beginning of the year to N294 at the end of 2022.”
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