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Nigeria’s inflation will drop to 21.4 per cent in 2024 – CBN

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The Central Bank of Nigeria says the country’s inflation will drop to 21.4 per cent in 2024.

The CBN governor, Olayemi Cardoso, disclosed this on Wednesday while delivering the keynote address at the Nigeria Economic Group outlook for 2024.

He said with requisite monetary policy by the apex bank, the inflationary pressures in Nigeria are expected to cool off in months.

Cardoso, however, did not state in what month exactly the decrease in inflationary pressures will occur in 2024.

“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent.

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“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,” he stated.

According to the National Bureau of Statistics’ latest report, Nigeria’s December inflation rate rose to 28.92 per cent.

The 33.93 per cent food inflation rate has worsened inflationary pressures.

The development comes as financial experts have blamed fuel subsidy removal and Naira floating for Nigeria’s continued inflation increase.

Meanwhile, Cardoso will hold his first Monetary Policy Committee meeting since resuming on February 27, 2024, to offer solutions to the country’s inflation challenges.

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