The Central Bank of Nigeria (CBN) announced on Thursday that the country’s inflation rate and currency challenges will ease in the coming year.
While the country’s inflation rate rose to 27.33% in November, the highest in 18 years, the governor of the central bank, Yemi Cardoso, predicts a drop in 2024.
“The outlook for the domestic economy remains positive and is expected to maintain the positive trajectory for 2024,” he told the Joint Committee on Banking, Insurance, and Other Financial Institutions in the nation’s Abuja capital.
“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.”
#CBN Governor, Mr. Olayemi #Cardoso, briefs National Assembly Joint committees on Banking, Insurance & Other Financial Institutions and Banking Regulations, on the activities of the CBN and the performance of the Nigerian economy pic.twitter.com/YbFFKpV9CW
— Central Bank of Nigeria (@cenbank) December 14, 2023
He also said the country is expecting less oil revenue in the new year owing to several factors.
“Total Trade in the third quarter of 2023, stood at N18.804.68 billion. Exports were valued at N10.346.60 billion while total imports stood at N8.457.68 billion. This represents a positive trade balance, which would lead to an increase of the external reserves,” Cardoso told the lawmakers.