… Says, Nigeria’s Inflation Rate and Pressures On Exchange Rate In 2024 will Reduce
… there will be less oil revenue
On Thursday, Nigerians were given some hope by the Central Bank of Nigeria( CBN) governor, Olayemi Cardoso, when he stated that the country’s inflation rate and the pressures on the exchange rate will reduce in the coming year.
The apex boss has predicted that there would be a slump concerning inflation and exchange rates in the 2024 fiscal year. This, is, despite that the country had a record time inflation rate of 27 percent In November 2023.
The CBN governor who disclosed this while facing the Joint Committee on Banking, Insurance, and Other Financial Institutions in Abuja, said: “The outlook for the domestic economy remains positive and is expected to maintain the positive trajectory for 2024.”.
He said 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.
He also said the country is expecting less oil revenue in the new year owing to several factors.
“Total Trade in the third quarter of 2023, stood at N18.804.68 billion. Exports were valued at N10.346.60 billion while total imports stood at N8.457.68 billion. This represents a positive trade balance, which would lead to an increase of the external reserves,” Cardoso told the lawmakers.