Nigeria’s central bank Governor, Olayemi Cardoso says the bank is working to reduce inflation to 21.4%.

Cardoso gave this assurance in a keynote address at the launch of the Nigeria Economic Summit Group 2024 Economic Outlook report after inflation hit its highest level in more than 27 years in December at 28.92%.

Cardoso added that improved agricultural output and the easing of global supply chain pressures would help boost consumer confidence and purchasing power.

He also emphasised that the CBN was committed to improving liquidity in the foreign exchange market, reiterating a pledge to clear outstanding FX obligations estimated at $5 billion.

Written by:

Leave a Comment

Your email address will not be published. Required fields are marked *