• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, September 19, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Inflation: Experts task CBN on flexible exchange rate

Inflation

The Matters Press by The Matters Press
November 22, 2022
Reading Time: 2 mins read
0
NBS reports increase in Inflation

Financial experts have urged the Central Bank of Nigeria (CBN) to adopt a flexible foreign exchange rate regime and address the food insecurity triggering inflationary rate in the country.

RELATED POSTS

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

They said on Tuesday in Lagos as Dr Muda Yusuf, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, said the unstable foreign exchange rate regime was partly responsible for the rise in inflation rate.

“The monetary authorities should initiate a flexible exchange rate to ensure forces of demand and supply determine the real value of the currency.

“This approach is imperative because it will spur the inflow of foreign direct investment and enhance liquidity in the economy,” Yusuf said.

He noted that the CBN ways and means intervention was another factor triggering the inflation.

“The apex bank has voted about N20 trillion to fund the Federal Government deficit finances over time.

“This approach is used by the government due to the fiscal challenges, but it’s worsening the rise in inflation rate in the economy,” he said.

Also speaking, Mr Sunny Nwosu, the founder, Independent Shareholders Association of Nigeria (ISAN), attributed the rising inflation rate to food insecurity.

“The inadequate food produce caused by insecurity in many farming communities coupled with the increase in prices of petroleum products in recent times.

“The high cost of food produce is passed to the final consumers who is already overwhelmed with the tough economy,” Nwosu said.

He urged the Federal Government to check the inflation rate by supporting local industries to boost production.

Mr Titus Okurounmi, former Director of CBN, said the Federal Government should initiate a macro economic policies geared at enhancing productive sector.

Okurounmi added that the three tiers of government must put in more efforts to improve food produce so as to attain food security.

“The need to adopt more mechanised agriculture practice is imperative to enhance food supplies and reduce cost.

“The inflation rate driven by increase in food prices will begin to abate particularly basic staples,” Okurounmi said.

He noted that the Federal Government needs to expetide the completion of rehabilitated petroleum refineries to reduce the foreign exchange expended on imports putting pressure on the country’s external reserve.

NAN reports that Nigeria’s inflation rate jumped from 20.77 per cent in September 2022 to 21.09 per cent in October 2022 as the country battles with soaring food prices.

The National Bureau of Statistics (NBS) revealed this in its Consumer Price Index (CPI) report for October.

It noted that food inflation was 23.72 per cent in October from 23.34 per cent in the previous month.

The CPI measures the rate of change in the prices of goods and services.

On a month-on-month basis, the headline inflation rate for October was 1.24 per cent, this was 0.11 per cent lower than 1.34 per cent recorded in September.

This means that in October 2022 the general price level for the headline inflation rate (month-on-month basis) declined by 0.11 per cent.

Tags: Inflation
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
NBS reports increase in Inflation
Economy/Technology

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

September 17, 2025
Old pension scheme beneficiaries get a boost in entitlements
Economy/Technology

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

September 14, 2025
Nigerians to own brand new vehicles, goods through new credit scheme initiative
Economy/Technology

‎Tinubu never abandoned the North, TMSG insists

September 12, 2025
Trading in Nigerian stock market dips further N83bn
Economy/Technology

Tinubu’s pro-business model triggers surge in capital market – TMSG

September 10, 2025
Tinubu commits to economic reforms as Nigeria marks democracy day
Economy/Technology

‎Tinubu’s achievements daze gov., opposition leaders

September 10, 2025
Next Post
NEPC trains150 youths on export

NEPC targets $30bn revenue annually from non-oil exports

Buhari launches eNaira, first digital currency in Africa

Buhari unveils new naira notes on Wednesday

Recommended Stories

Ghana enters first recession in 30 years, but sure of rebound

Ghana finance minister fends off criticism, apologises for economic hardship

November 19, 2022
Nigeria targets $1trn GDP growth in 8 years – Cardoso

Nigeria in “Stabilisation Phase” – Cardoso

January 25, 2024
NGO kicks against visa for Atiku

Time for Atiku to be more decorous and truthful in national discourse – IMPI

February 6, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Leap in non-oil exports gain of Nigeria:s economic diversification ‎
  • Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎
  • ‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us