APA – Lagos (Nigeria)
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has said that the exchange rate of the country’s currency, the Naira to other international currencies is grossly undervalued.
Speaking at the ongoing Nigeria Economic Summit’s Launch of the Outlook for the Nigerian Economy in 2024, Cardoso said that inflation would moderate this year.
According to him, the inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which is aimed at reining in inflation to below 21.4%,”
The Central Bank of Nigeria’s governor expects headline inflation to fall to 21.4 per cent in 2024.
He assured that inflation targeting will help the government in its battle against inflation which hit 28.9 per cent in December, 2023, and that lower rates will ultimately affect businesses.
“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lower policy rates, stimulating investment, fueling growth, and creating job opportunities,” Cardoso added.
GIK/APA
Nigeria’s central bank governor says nation’s national currency is undervalued
