Video - Inflation hits Nigeria's economy

Nigeria's consumer inflation was at 9.3 percent year on year in August, up 0.1% from July. According to Nigeria's bureau of statistics the marginal rise was as a result of slower increases in alcoholic beverages, tobacco and kola, health, transport and recreation and culture divisions. Africa's biggest oil producer has been hit hard by the slump in global crude prices, which has sent its currency to record lows. The central bank has imposed stringent foreign exchange measures to prop up the naira but investors are losing confidence. National GDP more than halved in the second quarter year-on-year and JP Morgan chase said it would drop Nigeria from its emerging market bonds index due to foreign exchange controls.