CBN working to bring down inflation —CBN boss, Cardoso

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that the apex bank was working to reduce the headline inflation rate to 21.4 per cent this year.

Cardoso made the disclosure, on Wednesday, during his keynote speech at the launching of the Nigerian Economic Summit Group macroeconomic outlook report for 2024.

Cardoso said: “The anticipated moderation in pump prices of Premium Motor Spirit (PMS) due to the expected operational status of the country’s key government and privately owned refineries in 2024 is a pivotal factor in the economic equation.

“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent. This will be aided by improved agricultural productivity and the easing of global supply chain pressures, benefiting businesses by boosting consumer confidence and purchasing power.

READ ALSO: Reps summon Cardoso, Customs chief for 2024 budget defence

“The CBN’s adoption of the inflation-targeting framework involves clear communication, the use of monetary policy instruments, and collaboration with fiscal authorities to achieve price stability, fostering market confidence and positively influencing consumer behaviour.

“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lowered policy rates, stimulating investment, fueling growth, and creating job opportunities.

“Additionally, the Bank has reverted to the conventional monetary policy approach with a focus on attaining price stability, which fosters sustainable economic growth for Nigeria.”

The inflation rate rose to 28.92 per cent at the end of 2023, representing a 7.58 percentage point increase from 21.34 per cent at the end of 2022.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now