Nigeria’s Inflation to Decline by 21.4% by 2024- CBN

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Mr. Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), projected a drop in Nigeria’s inflationary pressure from 28.92% to 21.4% in 2024.

Addressing the House of Representatives in Abuja, Cardoso attributed the anticipated decline to the inflation-targeting policies of the federal government.

To address exchange rate volatility, Cardoso outlined a comprehensive strategy aimed at enhancing liquidity in the FX markets. This strategy includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureaux De Change (BDCs), enforcing the Net Open Position (NOP) limit, and adjusting the remunerable Standing Deposit Facility cap.

Cardoso emphasized that these steps have been initiated to mitigate the economic impact on citizens.

Source: Vanguard

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