Despite rising food and commodity prices, the governor of the Central Bank of Nigeria, Olayemi Cardoso, has guaranteed that Nigeria’s inflation rate will decline to 21.4% in 2024.
Cardoso disclosed this to MPs during his briefing during the sectoral debate on the economy on Tuesday, February 6, 2024, in the House of Representatives.
Cardoso bemoaned the high cost of living in the nation, but he also pointed out that Nigeria’s economy has improved since President Bola Tinubu took office on May 29, 2023.
Cardoso had expressed confidence that good things were starting to happen under Tinubu’s administration and would continue.
The governor of the CBN, who acknowledged that there is legitimate worry about the expense of living, guaranteed that the central bank is putting in great effort to find a long-term solution to the issue.
According to Cardoso, the central bank has announced plans to deal with the ongoing depreciation of the naira, the economy has to generate revenue from exports.
According to him, the CBN intends to foster confidence by maintaining stability in the foreign exchange market and consumer pricing.
He expects that the bank’s policy initiatives will have a favourable effect on inflation.
One of the senior government officials, was called before the lower house regarding the current state of the economy and the recent depreciation of the naira.
Other people questioned included the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji, the Minister of Budget and National Planning, Abubakar Bagudu and the Minister of Finance and Coordinating Minister of the Economy Wale Edun.