Nigeria’s inflation rate will drop to 21% in 2024, says CBN Gov. Cardoso

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has guaranteed that despite increasing food and commodity prices, Nigeria’s inflation rate will decline to 21.4% in 2024.

This is as the apex bank governor expressed confidence that positive outcomes from the President Tinubu-led administration were already emerging.

Cardoso spoke on Tuesday when he appeared before the House of Representatives to brief the lawmakers on the economy.

He said: “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4 percent, aided by improved agricultural productivity and easy global supply chain pressures.

“The Nigerian foreign exchange market is currently facing increased demand pressures, causing a continuous decrease in the value of the naira.”

Persecondnews reports that in January 2024, Nigeria’s inflation rate for December 2023 rose to 28.92 percent, up from 28.20 percent recorded in November 2023, according to data from the National Bureau of Statistics (NBS) inflation report.

The increase marked the 11th consecutive one in the inflation rate since February 2023.