Governor of Central Bank of Nigeria, CBN, Olayemi Cardoso has told the National Assembly that the soaring Inflation and Exchange Rates will drastically decline in 2024.
Speaking on Thursday in Abuja when he appeared before the Senator Tokunbo Abiru, APC, Lagos East led Senate Committee on Banking, Insurance and Other Financial Institutions, the CBN Governor declared a projected less revenue from oil exports in the fiscal year.
READ ALSO: How I singlehandedly sponsored my university education after my parents died – UNIZIK best graduating student
Cardoso also said that total trade from Nigerian Foreign Exchange Market ( NFEM) stood at N18.804billion in the third quarter ( Q3) of 2023.
The CBN Governor also explained to members of the joint committee from both chambers of the National Assembly , that outlook for domestic economy in Nigeria for 2024 is very positive as both the Inflation and Exchange rates , would withstand fluctuating pressures on them and get stabilized .
-Advertisement-
The Governor of the Apex Bank said, “The outlook for the domestic economy remains positive and expected to maintain the positive trajectory for 2024 .
” Inflation pressures may persist in the short – term but is expected to decline in 2024. Exchange rate pressures are also expected to reduce significantly with the smooth functioning of foreign exchange market.”
The Governor informed the committee members that the unification of the exchange rate windows in June 2023, has ushered in a new approach to the management of the exchange rate , aimed at reducing arbitrage , rent seeking behaviour and speculation in the market.
We do everything possible to supply quality news and information to all our valuable readers day in, day out and we are committed to keep doing this.
Your kind donation will help our continuous research efforts.
-Advertisement-
-Want to get the news as it breaks?-
