The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has emphasized the bank’s commitment to using all available tools to manage the country’s inflation.
Speaking at the Financial Times (FT) Africa Summit 2024 in London, Cardoso acknowledged the rising inflationary pressures driven by increasing food and energy costs, worsened by the removal of fuel and electricity subsidies, as well as the naira’s devaluation.
Inflation in Nigeria surged to 32.7% in September, marking the first rise in three months.
Cardoso noted that while overall inflation may ease in the near future, food prices remain a persistent challenge.
The CBN is closely collaborating with the government to address these issues, he said.
Cardoso also highlighted Nigeria’s ongoing economic reforms, stressing the importance of maintaining momentum to attract foreign investments.
He pointed to recent visits from top executives at Citigroup and JPMorgan as indicators of growing interest in Nigeria’s economy.
Despite the naira losing significant value since President Bola Tinubu took office and fuel prices soaring, Cardoso expressed optimism that the CBN’s measures to restore investor confidence are yielding positive results.
Complaints about foreign exchange accessibility have dropped significantly, he added.
Cardoso concluded by expressing confidence that Nigeria’s reform agenda will position the country for stronger economic growth in the future.