The Central Bank of Nigeria (CBN) has reaffirmed its dedication to controlling the nation’s inflation rate, which it described as “unacceptably high.” This was highlighted by the CBN Governor, Olayemi Cardoso, during the 2024 Annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
According to the latest report from the National Bureau of Statistics, Nigeria’s headline inflation rate climbed to 33.88% in October, up from 32.70% in September. Governor Cardoso emphasized the necessity of the CBN’s tight monetary policy in addressing these challenges.
He also expressed optimism about the introduction of the electronic foreign exchange matching system, which is expected to stabilize the naira. “The Nigerian economy continues to demonstrate resilience and agility, with steady growth from 2.98% in Q1 to 3.46% in Q3 of 2024,” he noted.
Despite macroeconomic pressures, including rising inflation and exchange rate fluctuations, the Nigerian banking sector has shown remarkable resilience. Cardoso highlighted the recent bank recapitalization exercise as a critical step towards strengthening the financial sector and achieving the goal of a $1 trillion economy by 2030.
Nigeria continues to grapple with significant economic challenges, including a soaring inflation rate, which has intensified economic discomfort for citizens. However, the CBN remains confident that its policy measures will help restore stability and growth.
