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.
Recall 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.