Dear Subscriber,

Naira rebounds sharply to N1,570/$

The naira gained N45 against the U.S. dollar in massive trading this afternoon. This was after the intervention by the CBN at the retail market, where approximately $30m was sold to the BDCs at $20,000 each. The naira is likely to stay flat till next week. The CBN reiterated its determination to keep interest rates high as long as inflation remains stubbornly high. The naira had plunged by 8% since May this year. A recovery in its value may feed into the inflation trajectory positively.

The price of a tuber of yam surged by 33% to N6,000 (YoY)

Despite being the world’s top yam producer, Nigeria has experienced a 33% (yoy) price increase for medium-sized yams, rising from N4,500 to N6,000 in July. This spike is attributed to low supply caused by smuggling, high production costs, and supply chain disruptions. However, as the harvest season commences, the price of yam is expected to moderate slowly in the coming months.

FDC’s M.D., Mr. Bismarck Rewane, and senior associate, Halima Adediran, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link to watch the video.

Enjoy your read!