The Central Bank of Nigeria (CBN) in Abuja announced it would act on the rising inflation and exchange rate in 2024. The bank also revealed that there will be fewer revenue exports in the 2024 fiscal year, just as it declared that the total trade from the Nigerian Foreign Exchange stood at N18.804 billion in Q3 2023.
This was presented by the CBN Governor, Olayemi Cardoso, as he revealed all these at the National Assembly Joint Committee on Banking, Insurance, and Other Financial Institutions.
Mr. Cardoso explained to the committee from both chambers of the National Assembly that the digital economy in Nigeria will experience a positive trend as both exchange rates and inflation will endure the fluctuating pressures on them and stabilize at the end.
He said,
- The outlook for the domestic economy remains positive and is expected to maintain a positive trajectory in 2024.
- Inflationary pressures may persist in the short term but are expected to decline in 2024. Exchange rate pressures are also expected to reduce significantly with the smooth functioning of the foreign exchange market.
Read more: https://www.investingport.com/cbn-i...ction-in-rising-inflation-and-exchange-rates/