The Central Bank of Nigeria (CBN), has said that it will tackle the rising inflation and exchange rates issues by next year.
It also projected less revenue from oil exports in the fiscal year , just as it declared that total trade from Nigerian Foreign Exchange Market (NFEM), stood at N18.804 billion in the third quarter ( Q3) of 2023.
The declarations were made by the governor of the Apex Bank, Olayemi Cardoso in his presentation to the National Assembly joint committee on Banking, Insurance and other Financial Institutions.
He explained to members of the joint committee from both chambers of the National Assembly, that the outlook for the domestic economy in Nigeria for 2024 is very positive as both the Inflation and Exchange rates would withstand fluctuating pressures on them and get stabilised.
“The outlook for the domestic economy remains positive and is expected to maintain the positive trajectory for 2024.
“Inflation 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 foreign exchange market”, he said.
He specifically informed the committee members that the unification of the exchange rate windows in June 2023, has ushered in a new approach to the management of the exchange rate , aimed at reducing arbitrage, rent seeking behaviour and speculation in the market.
Source: Leadership News
