Business
FG Spends $8 Billion to Stabilize Naira, But Inflation Remains High – Rewane
- FG making frantic efforts to save Naira
- Federal Government has spent about $8 billion to keep the naira stable
- NBS) has changed how inflation is measured, leading to different figures
The Federal Government has spent about $8 billion to keep the naira stable, according to Bismarck Rewane, the CEO of Financial Derivatives Company.
Rewane shared this information on Channels Television while discussing Nigeria’s economy.
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He explained that the government has used billions of dollars to reduce the naira’s fall and control rising prices. Apart from spending money, the government also borrowed $4 billion through bonds. “When you put everything together, nearly $8 billion has been used to support the naira,” Rewane said.
He also talked about Nigeria’s inflation (the rate at which prices increase) and said the National Bureau of Statistics (NBS) has changed how inflation is measured, leading to different figures. Using the old method, inflation was 34.8%, but with the new method, it dropped to 24.4%. However, market surveys suggest real inflation is closer to 33%. Rewane questioned the sudden drop, saying it doesn’t match what Nigerians experience daily.
Many people are struggling with high food prices and expensive living costs, even though official reports say inflation is reducing.
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Meanwhile, the CBN Governor, Olayemi Cardoso, said the Monetary Policy Committee (MPC) is happy with the recent improvements in the economy. He noted that the naira has gained some value and fuel prices are more stable. However, he admitted that food prices are still a major problem and inflation remains a big issue.
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