In his first public comments on the economy since November, Governor Olayemi Cardoso of the Central Bank of Nigeria described the Nigerian naira currency as “undervalued” hinting at a possible 21.4% inflation rate, and he expects inflation to moderate throughout the year.
The Central Bank of Nigeria (CBN) has been closely monitoring the country’s inflation rate, which has been a concern in recent years.
Cardoso’s remarks indicate that the central bank may take decisive action to address inflation by raising interest rates sharply next month. This move is consistent with the bank’s efforts to control inflation and maintain price stability.
The governor’s assessment that the Nigerian naira is undervalued suggests that the country’s currency may have the potential to strengthen in the future.
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