NEWS
CBN plans 21.4% inflation rate in 2024- Cardoso

The Governor, Central Bank of Nigeria (CBN), Mr Olayemi Cardoso says the bank’s target in 2024 is bring inflation rate down to 21.4 per cent.
In his address at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos on Wednesday, Cardoso said inflationary pressures are expected to come down in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 percent.
Cardoso said, it will be aided by improved agricultural productivity and the easing of global supply chain pressures, benefiting businesses by boosting consumer confidence and purchasing power.
“The CBN’s adoption of the inflation-targeting framework involves clear communication, use of monetary policy instruments, and collaboration with fiscal authorities to achieve price stability, fostering market confidence and positively influencing consumer behaviour.
“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lowered policy rates, stimulating investment, fuelling growth, and creating job opportunities.
Speaking on foreign exchange, the CBN Governor noted that the apex bank is partnering with the Ministry of Finance and the NNPCL to ensure that all foreign exchange inflows are returned to the Central Bank.
“This coordinated effort will greatly enhance the Bank’s FX flows and contribute to the accretion of reserves,” he stated.
He stated that, “This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage. The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria’s appeal to global investors.
The CBN Governor maintained that “Upholding the integrity of financial markets is crucial for building confidence. With the completion of an independent forensic review and the subsequent clearance of the backlog of valid FX transactions, we remain steadfast in our commitment to decisively address any infractions and abuses.”
Discover more from Naijanewstoday
Subscribe to get the latest posts sent to your email.
-
NEWS5 days ago
FG Cuts Dialysis Cost In Federal Hospitals From ₦50,000 To ₦12,000
-
NEWS3 days ago
Ebonyi Man Plans Lagos-Abakaliki Trek to Honour Gov. Nwifuru’s Peace Efforts
-
POLITICS6 days ago
Peter Obi Tells Nigerians: Get Your PVC, Reject Criminals in Disguise
-
NEWS5 days ago
Ebonyi Coordinator Distributes Motorcycles, Lauds Governor’s Grassroots Development Agenda
-
ENTERTAINMENT6 days ago
Jim Iyke Says Single Mothers Cannot Raise Boys Into “Proper Men”
-
FACT-CHECKS/INVESTIGATION7 days ago
EFCC Recovers N5bn, $10m in Refinery Maintenance Fraud
-
NEWS5 days ago
Lagos State Declares August 20 Work-Free for Public Servants for Isese Day
-
SPORTS5 days ago
Tinubu Arrives in Japan to Boost Bilateral Ties
-
NEWS5 days ago
FCT Minister Denies Awarding N5 Billion Contract to Local Contractors
-
INSIDE NYSC7 days ago
NYSC Lagos Holds Cultural Carnival to Celebrate Unity in Diversity
-
NEWS4 days ago
Wike Says Amaechi’s 2027 Presidential Ambition Is Dead on Arrival
-
ENTERTAINMENT5 days ago
VeryDarkMan Leads Protest In Auchi, Blocks Dangote Trucks Over Victims’ Compensation