Inflation rate to decline, exchange rate to strengthen in 2024– Yemi Cardoso

Inflation rate to decline, exchange rate to strengthen in 2024– Yemi Cardoso

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, anticipates a decline in inflation and exchange rates in 2024, as he addressed the Joint Committee on Banking, Insurance, and Other Financial Institutions in Abuja. 

Cardoso noted the expected decrease in revenue from oil exports due to Nigeria's OPEC quota and challenges like crude oil theft, production shut-ins, and divestment from oil majors. 

He expressed optimism about the domestic economy's outlook, citing the consolidation of exchange rate windows in June as a strategy to manage rates effectively and curb market speculation. 

Total foreign trade reached N18.80 trillion in Q3 2023, according to Cardoso.

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