JP Morgan projects Nigeria’s inflation to hit 28 per cent in four months


Amid Africa’s largest economic challenges, an American financial leader, JPMorgan Chase & Co., has projected that the country’s inflation rate will increase to 28 per the next four months of the year.

JP Morgan disclosed in a report titled, “Nigeria: Reform pause rather than fatigue: CBN’s financial accounts open a can of worms.”

The report comes on the heels of the Central Bank of Nigeria’s recently released five-year financial statements.

JP Morgan said that the estimated foreign reserves of Nigeria stood at $3.7 billion at the end of 2022, contrary to the CBN’s often-quoted $36.61 billion.

Saga Gist recalls that Nigeria’s July inflation rate soared to 24.08 per cent, occasioned by the hike in fuel pump price to 617/per litre and the depreciation of the Naira against the dollar.

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