CBN Governor, Cardoso, says Nigeria’s inflation rate will drop to 21% in 2024
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria’s inflationary pressure will drop from 28.92 per cent to 21.4 per cent in 2024.
Cardoso said this in Abuja on Tuesday when he addressed the House of Representatives.
According to him, the projected decline in the country’s inflationary rate is due to the inflation-targeting policies of the federal government.
The annual inflation rate rose to 28.92 per cent in December from 28.20 per cent in November. The headline inflation rate showed an increase of 0.72 per cent points when compared to the November 2023 headline inflation rate.
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Giving an outlook for 2024, he said: “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4 per cent, aided by improved agricultural productivity and easy global supply chain pressures.
“The Nigerian foreign exchange market is currently facing increased demand pressures causing a continuous decrease in the value of naira.”
Cardoso is one of the top government officials who was summoned by the lower chamber over the state of the economy as well as the free fall of the naira recently.
