According to Cardoso, Nigeria’s Inflation Rate is Expected to Decrease to 21% by 2024.
Nigeria has experienced an 11-month consecutive increase in inflation, reaching a new peak in December 2023, as reported by the National Bureau of Statistics (NBS).
Rising prices of food and other commodities in the market have been a cause of concern for Nigerians.
However, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reassured the public that the inflation rate will drop. One of the top government officials, Cardoso, provided an outlook for 2024.
He stated that inflationary pressures are expected to decrease due to the inflationary targeting policy of the Central Bank of Nigeria (CBN), which aims to rein in inflation to 21.4%.
This will be aided by the improvement in agricultural productivity and the easing of global supply chain pressures. However, the Nigerian foreign exchange market is currently facing increased demand pressures, leading to a continuous decrease in the value of the naira.
Cardoso was summoned by the lower chamber to address this issue, along with other officials, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and National Planning, Abubakar Bagudu, and the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji.
To address the persistent decline in the value of the naira, Cardoso explained that the CBN has unveiled measures. He believes that the economy must earn through export to boost the naira.
The CBN plans to instill confidence through stability in consumer prices and the foreign exchange market. Cardoso expects that the policy measures of the bank will have a positive impact on inflation.
