Latest
CBN’s Strategic Moves Avert Inflation Surge To 42.81% – Cardoso Reveals
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stated that the apex bank’s policy interventions prevented Nigeria’s inflation rate from soaring to 42.81% by December 2024.....KINDLY READ THE FULL STORY HERE▶
Speaking at the 2025 Monetary Policy Forum in Abuja on Thursday, Cardoso emphasized that the CBN will maintain orthodox monetary policies to combat inflation in 2025. He also projected that diaspora remittances would reach ₦31.79 trillion when the fourth-quarter figures for 2024 are finalized.
Cardoso disclosed that throughout 2024, the CBN adopted bold measures across six Monetary Policy Committee (MPC) meetings. These included raising the Monetary Policy Rate (MPR) by 875 basis points to 27.50%, increasing the Cash Reserve Ratio for Other Depository Corporations by 1,750 basis points to 50.00%, and adjusting the asymmetric corridor around the MPR.
“Counterfactual estimates suggest that without these decisive interventions, inflation could have surged to 42.81% by December 2024,” Cardoso remarked.
The governor also highlighted significant foreign exchange reforms aimed at enhancing market efficiency. These reforms included unifying multiple exchange rate windows, which led to a 79.4% increase in remittances through International Money Transfer Operators, rising to $4.18 billion in the first three quarters of 2024 compared to $2.33 billion in the same period in 2023.
Other key FX interventions included clearing a $7 billion foreign exchange backlog, lifting restrictions on 41 items previously barred from accessing the official FX market since 2015, and setting new minimum capital requirements for banks, effective March 2026, to bolster resilience and global competitiveness in the sector.
Trump Takes Action: Investigation Begins As Americans Grapple With Higher Fuel Costs
Without Fayose, No Makinde Governorship’ — Isaac Sparks Controversy
Democracy-Era Dispute Erupts As NADECO Challenges Abdulsalami’s Narrative
Nigerians React As Onanuga Questions Scale Of Economic Hardship
State Police Debate Deepens As Former Security Chiefs Clash Over Governors’ Powers
Family Speaks: How General Abubakar Died, Reveals Wife Still In Bandits’ Captivity
Sh*cking Police Shake-Up As Oyigbo DPO Is Removed Over ₦500,000 Bribery Allegation
Dollar To Naira Sh*ck: Fresh Exchange Rate Revealed For June 21, 2026
Etinosa Reacts To Viral Concerns About Her Neck Size, Says She Is Healthy
