Inflation in the largest country in Africa rose to 16.5% in June from 15.6% in May - on AMarkets materials.
The June growth rate - a record since October 2005. The expectations of analysts was lower - 16.2%. Inflation triggered by painful step taken by the Nigerian government - the authorities have decided to untie the national currency from the US dollar naira. In the coming months, inflation will grow even stronger. By the end of the year, according to Barclays forecasts, inflation will be tightened to the value of 20% per annum. Naira has fallen to a mark of 280 against the dollar. Before otvyazki (the day when there was a devaluation) rate was 198 per dollar. On the black market naira now trading at 360 per dollar.When compared with the currencies Nigerian Naira other economies (the same rate), oil exporters, for the naira has more space to fall.
Schedule - the dynamics of inflation in Nigeria: