EconomyNorthern Africa

Central Bank of Nigeria Governor Expects Inflation to Moderate and Describes Naira as Undervalued

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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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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