The Central Bank of Nigeria (CBN) has forecasted a decrease in the country’s inflation rate and a reduction in exchange rate pressures in 2024. Despite Nigeria experiencing a surge in inflation to 27.33% in November, the highest in 18 years, CBN Governor Yemi Cardoso remains optimistic about a turnaround in the coming year.
Speaking before the Joint Committee on Banking, Insurance, and Other Financial Institutions in Abuja, Cardoso highlighted the positive outlook for the domestic economy.
“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.”
He also said the country is expecting less oil revenue in the new year.
“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.