Prices surge despite Naira appreciation against Dollar

The Prices of goods and services in Nigeria have continued to soar despite the gains of the Naira against the Dollar in the foreign exchange market.

According to the National Bureau of Statistics, headline inflation jumped to 33.20 per cent, and food inflation surged to 40.01 per cent in March.

The implication is that Nigerians continued to pay more for food and other services in March.

NBS said there is a rise in staple foods such as Yams, garri, rice, beans, etc.

Similarly, the rise in energy costs such as fuel, diesel and, recently, electricity tariff hikes has further propelled inflation.

Meanwhile, the Naira has maintained appreciation against the Dollar since last February 2024.

On Monday, the Naira had appreciated N1,136.04 per Dollar from N1,900 in February 2024.

Meanwhile, Ayo Teriba, the Chief Executive Official of Economic Associates, EA, said it will take three to twelve months to see the impact of exchange rate improvement on the prices of goods and services in Nigeria.