February 28, 2024
Inflation Rate Will Drop To 21% In 2024, Says Cardoso
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Inflation Rate Will Drop To 21% In 2024, Says Cardoso

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured Nigerians that the nation’s inflation rate will drop.

But briefing lawmakers at the sectoral debate on the economy before the House of Representatives, the CBN governor specifically said inflation will reduce to 21%.

Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy, aided by improved agricultural productivity and easy global supply chain pressures.

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According to the National Bureau of Statistics (NBS), Nigeria’s inflation has been on the rise for 11 consecutive months, reaching a new high in December 2023, 

The annual inflation rate rose to 28.92% in December from 28.20% in November. The headline inflation rate showed an increase of 0.72% points when compared to the November 2023 headline inflation rate.

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