Central Bank of Nigeria Targets Inflation Reduction to 21.4% in 2024

In a bold move to address the nation’s economic challenges, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has announced plans to bring inflation down to 21.4% by the end of 2024.

This announcement comes as a response to the rising inflation levels, which reached 28.9% in December 2023.

During a recent press conference, Governor Cardoso emphasized the importance of tackling inflation and highlighted the measures the central bank is taking to achieve this goal. “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4%,” Cardoso said.

The CBN’s strategy to combat inflation includes a combination of monetary policy tools and structural reforms. The central bank plans to tighten its monetary policy stance by raising the policy rate and reducing the money supply in the economy.

Additionally, the CBN will work closely with the government to implement structural reforms aimed at improving the business environment and boosting economic growth.

Governor Cardoso also addressed the concerns of the business community, stating that the reduction in inflation would create a more predictable cost environment and potentially lead to lower policy rates, stimulating investment and job creation.

The announcement has been met with mixed reactions from economists and market analysts. Some have praised the CBN’s commitment to tackling inflation, while others have expressed skepticism about the feasibility of achieving the target in such a short period.

As the nation awaits further details on the implementation of the CBN’s inflation-targeting policy, it remains to be seen whether Governor Cardoso’s ambitious plan will succeed in bringing inflation down to 21.4% by the end of 2024.