The Central Bank of Nigeria, CBN, has projected that Nigeria's inflation will moderate in the coming months as its reforms attracted a $24 billion inflow into the country in the first quarter of 2024 alone. CBN governor, Olayemi Cardoso disclosed this in an interview with Bloomberg TV on Tuesday.
The Central Bank of Nigeria, CBN , has projected that Nigeria's inflation will moderate in the coming months as its reforms attracted a $24 billion inflow into the country in the first quarter of 2024 alone. CBN governor, Olayemi Cardoso disclosed this in an interview with Bloomberg TV on Tuesday. He noted that recent reforms by the apex bank have helped firm up the country’s liquidity by 40-50 percent more than the figure recorded in 2021.
Recall that In April, Nigeria recorded a total foreign portfolio inflow of N93.37 billion against a foreign outflow of N119.81 billion, marking a 415 percent increase compared to the same period in 2023. Speaking further, Cardoso said there was a deceleration in Nigeria’s inflation rates which rose to 33.95 percent in May 2024. According to him, the Monetary Policy Committee will continue to do everything to bring down the country’s inflation rates.
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