Nigeria’s inflation rate hits 21.91% amid cash crunch

Nigeria’s inflation rate climbed to a new 17-year high of 21.91% in February 2023 on the backdrop of the new naira note design and uncertainties relating to the presidential election.

The inflation rate for February is a 0.09% point increase compared to the 21.82% recorded in the previous month.

NBS stated this in its Consumer Price Index (CPI) report published on Wednesday.