CBN Governor Says Inflation, Exchange Rate to Decline in 2024

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said in Abuja that the rising inflation and exchange rates will reduce drastically in 2024.

Cardoso, who also projected less revenue from oil exports next year, declared that the total trade from Nigerian Foreign Exchange Market (NFEM), stood at N18.804 billion in the third quarter of 2023.

He spoke when he appeared before the National Assembly Joint Committee on Banking, Insurance and Other Financial Institutions for an interactive session.

The CBN governor explained to members of the joint committee from both chambers of the National Assembly that outlook for domestic economy in Nigeria for 2024 remains very positive as both the inflation and exchange rates, would withstand fluctuating pressures on them and get stabilised.

He said: “The outlook for the domestic economy remains positive and expected to maintain the positive trajectory for 2024. “Inflation pressures may persist in the short–term but are expected to decline in 2024.  Exchange rate pressures are also expected to reduce significantly with the smooth functioning of the foreign exchange market.”