Nigeria’s inflation surged to 33.69 per cent in April from 33.20 per cent in March, amid worsening economic hardship in the country.

The National Bureau of Statistics, NBS, disclosed this in its latest consumer price index and inflation report released on Wednesday.

The figure showed that Nigeria’s inflation continued to jump since the commencement of President Bola Ahmed Tinubu’s administration in May last year.


The country’s inflation rose in April to 33.69 per cent from 22.41 per cent in May last year.

In January 2024, headline inflation was 29.9 per cent, 31.70 per cent in February, and 33.20 per cent in March.

On a month-on-month basis the country’s inflation rose to by 0.49 per cent.

The Central Bank of Nigeria, CBN, governor, Olayemi Cardoso, recently said the apex bank’s Monetary Policy Committee would do everything to bring down the country’s rising inflation rate.

Cardoso stressed that the MPC will continue to raise interest rates, which stood at 24.75 per cent in March, to bring down inflation.

Meanwhile, the MPC meeting will be held next week, May 20 and 21, 2024.

In a bid to expand and enhance cross-border payments, Access Bank has partnered Mastercard to launch a unified cross-border money movement solution across various African markets that will enable businesses and consumers to send and receive international payments to and from across more than 150 countries.

The partnership, which was announced in Lagos, will enable Access Bank to further push its AccessAfrica payment platform beyond Africa, to boost financial inclusion.

The collaboration underlines both organisations’ commitment to the African economy by providing a financially inclusive solution that optimises liquidity and capital in the markets and reduces international transaction costs incurred by businesses and consumers while making and receiving international payments.

Speaking at the launch, Deputy Managing Director, Access Bank, Chizoma Okoli, said: “Our partnership with MasterCard indicates our focus on ensuring that we give our customers the required service they need and deserve. At Access Bank, we continue to look for partnerships that would support us in achieving our dreams and goals.”

Senior Advisory, Retail Banking, Access Bank, Robert Giles said: “We are thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative. By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more inclusive and prosperous future for all Africans.”

Also speaking, the Division President for Africa at Mastercard, Mark Elliott said: “Empowering Access Bank customers with innovative solutions that prioritize choice, security, and flexibility is an achievement that fills us with great pride. This collaboration signifies our commitment to transforming payment experiences as it not only brings cutting-edge payment solutions to the bank’s diverse clientele, but also extends the reach of Mastercard’s financial and digital ecosystem, ensuring millions from underserved communities can actively participate in the evolving financial and digital economy.”

Country Manager, West Africa, Mastercard, Folasade Femi-Lawal, said the partnership would address challenges in cross-border payments like failed transactions and delays in completing transactions, with the intent to further boost financial inclusion across African markets.

Fable Fintech, an Express Partner of the Mastercard Move Partner Programme, is the technical implementation partner of the solution, effectively collaborating with both Access Africa and Mastercard Move experts.

Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-saharan Africa increasing by approximately 1.9 per cent in 2023 to $54 billion as a result of strong remittance growth in Mozambique, Rwanda and Ethiopia, with Nigeria accounting for 38 per cent of the remittance flows. In 2024, remittance flows to the region are projected to increase by 2.5 per cent.

The International Monetary Fund has advised the Nigerian government, to ask global crypto trading platforms to register or obtain licences before operating in the country.

This recommendation was made in the IMF’s latest staff report, released on Thursday, following the conclusion of its 2024 Article IV consultation with Nigeria.

According to the report, compelling global crypto trading platforms to register, will subject them to regulatory requirements.

The IMF emphasised the need for Nigeria to establish a robust regulatory framework to oversee the growing cryptocurrency market, ensuring financial stability and protecting investors.

It added that the move aligns with global efforts to standardise cryptocurrency regulations, and prevent illicit activities.

“Global crypto trading platforms should be registered or licensed in Nigeria and subject to the same regulatory requirements applicable to financial intermediaries following the principle of the same activity, same risk, and same regulation,” the report highlighted.

The IMF also noted that Nigerian authorities took significant steps early in the year to address issues surrounding cryptocurrency trading platforms.

The report read, “The authorities agreed with the importance of maintaining external stability and emphasized that the reforms that they have implemented as well as efforts to bring in FX liquidity, including the requirement for international oil companies to hold 50 per cent of repatriated oil receipts in Nigeria for 90 days, are geared towards that end.

“They see pressure on the exchange rate now coming from illicit flows, including through crypto-asset platforms, and not being driven by fundamentals, noting that some ceilings on FX access are intended to curb abuse.”

In February, the Central Bank of Nigeria expressed concerns about the large volume of transactions passing through crypto exchange platforms from unidentified sources, stating that it is working with other government agencies to address these illicit financial activities. The bank claimed that in the last year, $26bn passed through Binance Nigeria from unidentified sources.

As a result, in the last three months, cryptocurrency trading platforms have come under scrutiny on the suspicion that they were manipulating the local currency’s value in the foreign exchange market.

On Monday, the Director General of the Securities and Exchange Commission, Emomotimi Agama, said delisting the naira from P2P platforms was necessary to avoid the level of manipulation currently happening.

Given the above, the Central Bank of Nigeria had directed fintech companies operating in the country to block the accounts of customers engaging in cryptocurrency transactions and to report those transactions to law enforcement agencies.

Further, the IMF also warned that the rapid growth of foreign exchange trading platforms in Nigeria poses new challenges to the country’s financial stability.