“CBN Governor Yemi Cardoso’s Update to Nigerian Senate Committees: A Forecast of Declining Inflation and a Call for Sustainable Forex Demand”
On Friday, February 9, 2024, Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), presented an economic update to the joint committees of the Nigerian Senate. He projected a decrease in inflationary pressures to 21.4% in the medium term, attributing this to improved agricultural productivity and the easing of global supply chain pressures.
In his address, Mr. Cardoso urged Nigerians to adjust their foreign exchange demands to sustainable levels. He expressed optimism about the growing trade volume in the Nigerian foreign exchange market, which has recently hit single-day trade levels exceeding $800 million.
CBN Governor, Mr. Olayemi Cardoso at the National Assembly on Friday, February 9 2024
photo credit: CBN
The Governor emphasized the role of every Nigerian in reducing the country’s dependence on foreign goods and services. He stated, “Every contribution, no matter how small, counts.” He also expressed confidence in the bank’s strategies to manage rate volatility, predicting a return to stability in the near future.
Mr. Cardoso highlighted the early success of the Bank’s measures to stabilize the exchange rate, noting significant interest from Foreign Portfolio Investors (FPIs).
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