Mr. Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), announced that Nigeria’s inflation rate is expected to decrease from 28.92% to 21.4% by 2024. He made this statement during his address to the House of Representatives in Abuja.
Cardoso attributed the projected decline in inflation to the federal government’s inflation-targeting policies, along with enhancements in agricultural productivity and the alleviation of global supply chain constraints.
“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, aiming to rein in inflation to 21.4 per cent.
“This will be aided by improved agricultural productivity and easing global supply chain pressures.
“The CBN’s inflation-targeting framework involves clear communication and collaboration with fiscal authorities to achieve price stability, potentially leading to lowered policy rates, stimulating investment, and creating job opportunities,” he said.
He noted that the Nigerian foreign exchange market was experiencing heightened demand pressures, leading to a persistent devaluation of the naira. Among the factors exacerbating this situation, he cited speculative forex demand, insufficient forex supply resulting from delays in remitting crude oil earnings to the CBN, rising capital outflows, and surplus liquidity stemming from fiscal activities.
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