The Central Bank of Nigeria (CBN) on Thursday said the country’s inflation rate and the pressures on the exchange rate will reduce in the coming year.
While the country’s inflation rate jumped to 27.33% for November – the highest in 18 years, the apex bank’s governor Yemi Cardoso projects a slump in 2024.
“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.”
