CBN Governor Projects Inflation Reduction To 21.4% In 2024 – Cardoso Outlines Key Strategies....KINDLY READ THE FULL STORY HERE▶
In a keynote address at the launch of the Nigeria Economic Summit Group 2024 Nivo News report, the Governor of the Central Bank of Nigeria (CBN), Mr…….CONTINUE READING
Olayemi Cardoso, outlined the apex bank’s commitment to bringing down the headline inflation rate to 21.4% in 2024. The assurance comes as a response to the inflation rate rising to 28.92% at the end of 2023, marking a 7.58 percentage point increase from the previous year.
Cardoso highlighted the CBN’s inflation-targeting policy, emphasizing that it would be supported by improved agricultural productivity and an expected reduction in the pump price of petroleum products. The Governor pointed to the anticipated stabilization or reduction in fuel costs, especially with the expected operational status of key government and privately-owned refineries in 2024.
According to Cardoso, the CBN’s adoption of the inflation-targeting framework involves clear communication, the use of monetary policy instruments, and collaboration with fiscal authorities.
These measures aim to achieve price stability, foster market confidence, and positively influence consumer behavior.
The expected decline in inflation in 2024 is anticipated to alleviate pressures on businesses, providing a more predictable cost environment and potentially leading to lowered policy rates. This, in turn, is expected to stimulate investment, fuel growth, and create job opportunities, contributing to overall economic efficiency and resilience.
