Nigeria’s headline inflation rose to 21.82 per cent in January 2023, after dropping to 21.34 per December 2022.
The drop and rise inflation in the two months came on the back of the Central Bank of Nigeria naira redesign policy which it said, among others, would reduce inflation.
The National Bureau of Statistics in a report on Wednesday stated that the rise was due to disruption in the supply of food products, increases in import cost due to the naira’s depreciation and a general increase in the cost of production as the cause of the rise in inflation.
Meanwhile, the CBN had assured Nigerians that the naira redesign policy which saw the replacement of old N200, N500 and N1,000 notes with the new ones would tame the high inflation rate in Nigeria
