Amidst the ongoing surge in food and commodity prices, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has offered reassurance to Nigerians, asserting that the nation’s inflation rate will soon witness a decline.

Nigeria has witnessed inflationary pressures for 11 consecutive months, culminating in a new peak in December 2023, as reported by the National Bureau of Statistics (NBS). With the annual inflation rate escalating to 28.92 per cent in December, compared to 28.20 per cent in November, concerns about economic stability have heightened.

However, speaking at a sectoral debate on the economy before the House of Representatives, Cardoso provided an optimistic outlook, stating that inflation is expected to reduce to 21 per cent. 

He attributed this anticipated decline to the CBN’s inflationary targeting policy, aimed at curbing inflation to 21.4 per cent, bolstered by anticipated improvements in agricultural productivity and a reduction in global supply chain pressures.

Acknowledging the challenges faced by the Nigerian foreign exchange market, Cardoso outlined measures initiated by the apex bank to address the continuous depreciation of the naira. He emphasized the importance of earning through exports to strengthen the naira and highlighted the CBN’s commitment to instilling confidence through stability in consumer prices and the foreign exchange market.

Cardoso expressed confidence that the policy interventions implemented by the CBN would have a positive impact on inflation, signaling hope for economic stabilization amidst prevailing challenges.