Our reporter/ Nigeria’s inflation rate and the pressures on the exchange rate will reduce in the coming year, Yemi Cardoso, the governor of Central Bank of Nigeria (CBN) has said.
Cardoso made the disclosure when he met with the Joint Committee on Banking, Insurance, and Other Financial Institutions in the nation’s Abuja capital on Thursday.
While the country’s inflation rate jumped to 27.33% for November, the highest in 18 years, CBN governor, Yemi Cardoso, however, projects a slump in 2024.
“The outlook for the domestic economy remains positive and is expected to maintain the positive trajectory for 2024,” he said.
“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.”
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.
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