The CBN Governor, Olayemi Cardoso today briefed the joint committees of the Nigerian Senates says the inflationary pressures are expected to decline in 2024 to 21.4 per cent in the medium term, aided by improved agricultural productivity and easing global supply chain pressures.
The CBN Governor Cardoso also advised Nigerians to moderate their demand for foreign exchange to sustainable levels. CBN Governor Cardoso is upbeat about the increased trade volume in the Nigerian foreign exchange market, reaching single-day trade levels of over $800 million.
The CBN Governor also said every Nigerian has a responsibility to help curb our reliance on foreign products and services. Every contribution, no matter how small, counts”. – the CBN Governor says they have utilised various strategies to manage rate volatility and are confident that stability will return sooner rather than later.
In conclusion the CBN Governor Olayemi Cardoso also said the Bank’s measures, aimed at stabilising the exchange rate, have already started yielding early results with significant interest from Foreign Portfolio Investors (FPIs).
