-
Olayemi Cardoso, predicts a 4.17% growth in the country’s Gross Domestic Product (GDP) and a decline in inflation in 2025.
-
Cardoso attributes the expected decline in inflation to President Bola Tinubu’s reforms.
The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has predicted a 4.17% growth in the country’s Gross Domestic Product (GDP) and a decline in inflation in 2025.
Cardoso made this disclosure at a recent conference, according to Reuters.
While Nigeria’s inflation currently stands at 34.80%, Cardoso is optimistic that it is expected to decline as President Bola Tinubu’s reforms start to yield results.
He also noted that foreign exchange reserves have risen gradually, driven by increased oil production.
READ ALSO: CBN Slams ₦1.35bn Fine on Nine Banks for ATM Cash Scarcity
“Oil output is forecast to reach 2.3 million barrels per day by mid-year,” Cardoso said.
Cardoso pledged to take Nigeria’s foreign exchange reserves to more than $40 billion after recording a $6 billion FX inflow in 2024.
“With limited opportunities for FX arbitrage, we expect that there will be more appetite for real sector development,” he stated.
CBN Approves Release Of Nigerian Foreign Exchange Code
The Central Bank of Nigeria (CBN) has approved the release of the Nigerian Foreign Exchange (FX) Code, which will serve as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the country’s FX market.
According to the apex bank, the code is designed to promote transparency and ethical conduct among authorised dealers in the Nigerian Foreign Exchange Market.
