Nigeria’s central bank wants to reduce inflation to around 21%, aiming to strengthen the undervalued naira currency.
The governor, Olayemi Cardoso, plans to address inflationary pressures through a new policy. Despite facing calls to raise interest rates, Cardoso expects inflation to decline in 2024 with improved agriculture and global supply chain relief.
The central bank is transitioning to a more conventional monetary approach.
Cardoso emphasizes the undervaluation of the naira, proposing coordinated efforts for a balanced exchange rate.
The goal is to enhance liquidity in the foreign exchange market and settle outstanding obligations. Source: Reuters.