Dr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), during an interview with Bloomberg TV said Nigeria recorded a total foreign exchange inflow of about $24bn in the first quarter of 2024.
The governor said that the days of excessive naira volatility were over, highlighting the positive impact of the monetary policy tools employed by the apex bank to tackle the challenges facing the forex market.
He explained that the inflationary pressure has started dropping as a result of the bank’s policy measures, which aim to reduce the current inflation rate of 33.69 percent.
Cardoso, speaking in a 20-minute interview, noted a deceleration in the month-on-month inflation rates, highlighting it as a positive development.
He assured that the Monetary Policy Committee members remained vigilant in monitoring inflation trends and ensuring a moderation of inflation numbers.
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