Nigeria Is Experiencing Economic Stagnation And Inflation At The Same Time— CBN Governor Raises Alarm.

Nigeria’s economic woes seem to be far from over following the disclosure by the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele that the economy was gloomy.

Emefiele who made the disclosure on Tuesday, July 19, during a closed-door meeting with senators said it was frightening that the nation was experiencing economic stagnation and inflation at the same time.

According to Vanguard, the governor said economic stagnation and inflation were ordinarily not supposed to happen simultaneously. A source who attended the close door session with the CBN governor expressed concern that the economy was gloomy, stagnant and worsening as a result.

The source, citing Emefiele said the economy was biting on all, with almost all activities crippled, adding that indices that would have made the economy grow were not in place at the moment.

The CBN governor was said to have made reference to the renewed bombing of pipelines by Niger Delta Avengers as one of the factors pulling down the economy.

He also said the 70 per cent decline in oil prices from about S116 per barrel in June 2014 to about $30 per barrel earlier in the year was another factor hampering the economy.