Nigeria’s central bank governor, Olayemi Cardoso, has declared the bank’s commitment to curbing inflation, which surged to 32.70% in September.
Cardoso, speaking at the FT Africa Summit, acknowledged the persistent challenge of food inflation, despite expectations of a broader moderation in price pressures.
He emphasized the bank’s collaborative efforts with the government to address this issue.
The governor highlighted the positive impact of recent economic reforms, particularly the removal of fuel and electricity subsidies and the devaluation of the naira.
These measures, while initially disruptive, have attracted significant foreign investment interest, as evidenced by recent visits from high-profile executives like Jane Fraser of Citigroup and Jamie Dimon of JPMorgan Chase.
Cardoso expressed optimism about the naira’s stability and the improved accessibility of foreign exchange.
He attributed these developments to the central bank’s efforts to restore investor confidence.
The central bank’s foreign exchange reserves have surpassed $40 billion, and the governor pledged to increase transparency by regularly disclosing net reserve figures starting in early 2025.
While economic growth is projected to remain moderate in the coming year, Cardoso expressed confidence that ongoing reforms will position Nigeria for stronger growth in the future.