Higher Food Prices Push Up October Inflation – Analysts (Vanguard pg. 20)
Nigeria's inflation rate has been projected to rise for the third consecutive month in October, driven by continued increase in food prices, occasioned by herdsmen attack on farmers and recent episodes of flooding which undermine food supply across the country.
This was the consensus of analysts' projections from FSDH Merchant Bank and Financial Derivatives Company (FDC) Limited.
Recall that after 18 months of decline, inflation rate (year-on-year) rose in from 11.14 percent in July to 11.23 percent in August and further to 11.28 percent in September.
While the National Bureau of Statistics (NBS) is scheduled to release the inflation figures for October next week, analysts at FSDH Merchant Bank and FDC projected 11.34 percent and 11.35 percent inflation rates respectively for October, citing continued impact of rising food prices.
Financial inclusion: CBN to create non interest window (Daily trust pg. 17)
The Central Bank of Nigeria (CBN) has disclosed that it is working to create a non-interest window for the development financing interventions.
The CBN Governor, Godwin Emefiele made the disclosure yesterday while delivering the keynote address at the 2018 financial inclusion conference by Enhancing Financial Innovation and Access (EFInA) with the theme “the Business Case for Financial Inclusion”
Emefiele said “the interest free window will assimilate a large section of the population excluded due to their aversion for interest and interest-based products, into the financial system.”
The aim of the conference is to examine how to drive the uptake of financial products and services specifically targeted at the poor and at the same time provide stakeholders with the right incentives to create and support these products and services.
Source: Daily trust