CBN Reduces Inflation, Attracts $24 Billion Inflow

Ibrahim Shehu Adili

3 months ago

In recent developments, the Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, has announced significant strides in tackling inflation and stabilizing the economy. According to Cardoso, inflationary pressures are beginning to ease, attributed to robust policy measures implemented by the CBN.

The country recorded approximately $24 billion in foreign exchange inflows during the first quarter of 2024, marking a notable increase compared to previous quarters. This influx underscores growing investor confidence and stability in the foreign exchange market. Governor Cardoso emphasized that clearing a $7 billion forex backlog and overhauling exchange rate policies have been pivotal in achieving currency stability.

Despite these strides, concerns persist among Nigerians regarding the translation of policy measures into tangible benefits, particularly in lowering the prices of essential goods. Analysts have highlighted the need for policies to reflect the realities faced by average Nigerians.

Looking ahead, Governor Cardoso reaffirmed the CBN’s commitment to monitoring inflation trends closely. The Monetary Policy Committee (MPC) remains focused on addressing inflation as a major economic impediment, with data guiding future policy decisions.

For more details, refer to the original article on Punch Nigeria.

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