Business & Finance

Nigeria’s Inflation Rate Will Drop To 21% In 2024, Says CBN Governor Cardoso

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Nigeria’s Inflation Rate Will Drop To 21% In 2024, Says CBN Governor Cardoso

Nigeria is grappling with a sustained period of inflation, with the National Bureau of Statistics (NBS) reporting 11 consecutive months of inflationary pressures, peaking in December 2023. In response, Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) has outlined a promising forecast, indicating a drop in the inflation rate to 21% by 2024. This projection, based on targeted CBN policies, anticipates improved agricultural productivity and alleviated global supply chain pressures.

Despite the positive outlook, challenges persist, particularly in the foreign exchange market where increased demand pressures continue to impact the value of the naira negatively. Governor Cardoso, however, remains steadfast in his approach, emphasizing the importance of export earnings in stabilizing the currency. He further outlined the CBN’s strategy to instill confidence and stability in consumer prices and the foreign exchange market.

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Cardoso’s remarks come in the wake of government officials addressing lawmakers on the state of the economy and measures to address the depreciating value of the naira. Alongside Cardoso, key figures such as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Budget and National Planning, Abubakar Bagudu, presented insights into tackling economic challenges.

With the implementation of these measures, Governor Cardoso remains optimistic about the potential positive impact on inflation, signaling a hopeful path towards economic stability in Nigeria.

Source: Channels Television

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