N/$ breaks 1600 level, Food Inflation breaks 35% mark   

Feb 15 (Lagos) - Naira has hit 1620 levels in the parallel market according to websites that track that market. The fall is gaining acceleration as the authorities seem clue less about how to handle the situation. Looks like the currency will sadly breach the 1700 level next week going by what we are observing. All the memo's and circulars issued by the CBN do not seem to be having much effect on the exchange rate so far.

Inflation is also showing no signs of respite as data from the National Bureau of Statistics showed that core inflation at 29.9% rose by 2.29% between December and January while food inflation at 35.41% rose by 3.21% between December and January. 

We will stop the bad news there. 

Take a break, play some sport, maybe go for a run or go to the beach. Take mind off these statistics because your health is more important. Our work is such that we chop statistics but you don't have to. 

reporting for easykobo.com on Thursday, February 15 2023
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