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CBN Hints On Reduction In Petrol Price, Inflation

CBN Hints On Reduction In Petrol Price, Inflation (News Central TV)

Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), recently hinted at a reduction in fuel costs, stating that inflationary pressures are expected to decline in 2024 due to the inflation-targeting policy. 

This is expected to have far-reaching implications across various sectors of the economy, as the governor noted, “We believe that the naira is currently undervalued.”

Governor Cardoso also called on Nigerians to keep faith in the current administration of President Bola Ahmed Tinubu, assuring that ongoing reforms will soon begin to yield positive outcomes. 

Speaking virtually at the launch of the Nigerian Economic Summit Group’s (NESG) Macroeconomic Outlook for 2024 in Lagos, he hinted that Nigerians will begin to see a reduction in the prices of petroleum products. 

He said, “I want to assure you that we are now at a turning point, and the bold reforms being undertaken across different segments of the economy, while initially challenging, are ultimately directed towards addressing these challenges in a sustainable manner. I am confident that we are already witnessing positive outcomes, and these will undoubtedly become more apparent in the near future. The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy.”

Governor Cardoso’s remarks come at a time when Nigeria is undergoing significant economic reforms. Recent reports from international rating agencies such as Fitch and Moody’s and commendations from multilateral banks like the World Bank reflect this, with upgrades to Nigeria’s ratings from stable to positive. These reports acknowledge the possible reversal of the deterioration in the country’s fiscal and external position due to the authorities’ reform efforts. While noting the painful adjustments, Governor Cardoso said, “They all identify a direction of travel that will unlock much-needed growth and development for our economy.” 

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