There is no question that these are truly challenging times. The slowdown in global economic activities, caused by both the impact of COVID-19 and the crisis between Russia and Ukraine, has resulted in a cost-of-living crisis and a decline in the volume of world trade, which has generated pressures inflation at the national, regional and global levels. global levels.

As you might imagine, Nigeria has not been insulated from the financial shock and rising global inflation. In its latest report, the Nigerian Bureau of Statistics (NBS) put the nation’s inflation at 21.47% in November 2022, the highest so far recorded in the nation’s history. This has caused increased food inflation and a corresponding decline in the purchasing power of most Nigerians, leaving more people in extreme poverty.

Like other monetary authorities around the world, the Central Bank of Nigeria has continued to tighten its monetary policy, as part of measures to deal with rising inflation, particularly through interest rate and other monetary measures…