…He told the Committee that he expects inflationary pressures to decline in 2024 to 21.4% in the medium term
SAT, FEB 10 2024-theGBJournal|The Central Bank of Nigeria Governor, Olayemi Cardoso, told the Joint Committees of the Nigerian Senate on Friday that he is upbeat about the increased trade volume in the Nigerian foreign exchange market with trade reaching single-day trade levels of over $800 million recently.
The Governor was at the Senate to provide outlook on the economy.
He told the Committee that he expects inflationary pressures to decline in 2024 to 21.4% in the medium term, aided by improved agricultural productivity and easing global supply chain pressures.
He equally encouraged Nigerians to moderate their demand for foreign exchange to sustainable levels.
According to the Governor, ”every Nigerian has a responsibility to help curb our reliance on foreign products and services. Every contribution, no matter how small, counts. We’ve utilised various strategies to manage rate volatility and are confident that stability will return sooner rather than later.”
Cardoso added that the apex Bank’s measures, aimed at stabilising the exchange rate, have already started yielding early results with significant interest from Foreign Portfolio Investors (FPIs).
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