According to Bloomberg, Nigeria's gasoline prices rose 45% and the naira continued to depreciate, leading to fuel shortages and slowing economic activity. NNPC said the government owed it 7.8 trillion naira ($4.9 billion), but the company denied media reports of a $6 billion debt. Transport costs doubled in Lagos, raising inflation concerns. The central bank has raised its key interest rate by 15.25 percentage points since 2022, reaching a record 26.75% in July. The naira fell to a five-month low against the dollar, depreciating 43% year-to-date. The director-general of the Manufacturers Association said that rising gasoline prices could lead to higher inflation, with consumers spending more on transportation and energy and reducing disposable income.