While the naira has appreciated lately against the US dollars, the negative effect of the local currency’s earlier depreciation remains a challenge to many people’s existence.
For instance, Dayo Kunle, a business developer based in Akoka, Lagos Nigeria has had to reduce the quantity of food he takes due to food inflation.
The latest consumer price index (CPI) report by the National Bureau of Statistics (NBS) shows inflation rose to 33.2 percent in March from 31.70 percent in February, while food inflation rose to 40.01 percent from 37.90 percent.
This will be the 15th consecutive monthly increase, BusinessDay reported earlier.
The naira had last week gained 12.57 percent against the dollar which was quoted at N1,072 on Wednesday in the official market and N1000 at the parallel market.
The Federal Competition and Consumer Protection (FCCPC) said in a recent report that it is committed to ensuring a fair and competitive marketplace for all Nigerians
