April 18, 2024

CBN Governor Forecasts Decline in Inflation to 21.4% in 2024

 

By: Emmanuel Ibitoye

 

The Governor of the Central Bank of Nigeria anticipates a reduction in headline inflation to 21.4% in 2024. This announcement came during his keynote address at the launch of the Nigerian Economic Summit Group’s macroeconomic outlook report for 2024.

 

He highlighted the impact of the Central Bank’s inflation-targeting policy, aiming to curtail inflation to 21.4%. Addressing the recent challenges, he stated, “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.”

 

Emphasizing the potential benefits, he suggested, “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.”

 

With inflation reaching 28.9% in December, the governor expressed confidence that the inflation-targeting approach would contribute to stabilizing economic conditions.

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