CBN: INFLATION RATE WILL DROP IN 2024

Amid the rising prices of foodstuff and other commodities in the market, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured Nigerians that the nation’s inflation rate will drop.

Nigeria’s inflation has been on the rise for 11 consecutive months, reaching its peak in December 2023, according to the National Bureau of Statistics.

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

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%.