Inflation, exchange rates to decline in 2024 — CBN

The Central Bank of Nigeria (CBN) says rising inflation and exchange rates will decline in 2024.

CBN Governor, Mr Olayemi Cardoso, stated these on Thursday in Abuja when he appeared before the Joint Committee on Banking, Insurance and other Financial Institutions.

Cardoso said the total trade from the Nigerian Foreign Exchange Market (NFEM) stood at N18.804 billion as of the third quarter of 2023.

According to him, the outlook for the nation’s domestic economy for 2024 is very positive, as both the inflation and exchange rates would absolve the volatile pressures on them and stabilise them.

“The outlook for the domestic economy remains positive and is expected to maintain a positive trajectory for 2024.

“Inflation pressures may persist in the short-term but are expected to decline in 2024.

Credit -Tribune Online