Has inflation of naira impacted you and your family? Can CBN cope with it? Find out more.
It seems like the history repeats itself. The last time President Buhari was in back in 1984, the administration was fighting corruption and the Naira for inflating rapidly. Now CBN (Central Bank of Nigeria) is up against the challenge of overcoming naira to dollar situation and get the inflation under control?
How inflation affects your life
Some of the inflation consequences hit poor the hardest, as food and other essential product prices rapidly go up. But the salaries remain pretty much the same. Even a sachet of pure water gone up twice in price in some regions of Nigeria. Overall, things got over 20 percent of increase in their cost.
What are the main causes of inflation?
Those are excess demand and over-production. This means CBN has to gain more control over the economy and production sector. It also needs to get involved in generating new work places and in keeping poverty down.
Such things as these have to be done urgently and CBN needs to introduce a set of solutions for Nigerian economy in the nearest future. Otherwise, no doable solutions might be left to implement.