The Central Bank of Nigeria (CBN) has disclosed its commitment to implementing strategies aimed at balancing the staggered exchange rates and curbing the surging inflation rates.
Governor Olayemi Cardoso presented these plans to the National Assembly joint committee on Banking, Insurance, and other Financial Institutions.
Highlighting the economic forecast for 2024, Governor Cardoso expressed optimism that both inflation and exchange rates would endure fluctuating pressures and achieve stability, projecting a positive outlook for Nigeria’s domestic economy.
Additionally, the CBN anticipated reduced revenue from oil exports for the fiscal year, with Nigerian Foreign Exchange Market (NFEM) trade reaching N18.804 billion in Q3 of 2023.
Chairman of the joint committee, Senator Tokunbo Abiru , emphasized that the interactive session was organized in accordance with existing laws for the statutory briefing by the CBN.
Commending the efforts of the CBN Governor and the management team, Co-Chairman of the committee, Hon Bahir Bello El-Rufai, praised the measures being implemented to stabilize the economy overall.
