The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that without the bank’s policy interventions, inflation would have surged to 42.81 per cent by December 2024.
He also projected that diaspora remittances would rise to N31.79tn when fourth-quarter figures for 2024 are released.
The apex bank’s boss further pledged to stick to orthodox monetary policies to tame inflation in 2025.
Cardoso spoke at the 2025 Monetary Policy Forum, which brought together ministers, heads of economic agencies, and private sector players. He stated that counterfactual estimates suggest that without decisive policy interventions, inflation could have reached 42.81 per cent by December 2024.
He further noted that throughout 2024, the CBN implemented bold policy measures across six Monetary Policy Committee meetings, including raising the Monetary Policy Rate by 875 basis points to 27.50 per cent, increasing the Cash Reserve Ratio for Other Depository Corporations by 1,750 basis points to 50.00 per cent, and adjusting the asymmetric corridor around the MPR.
Cardoso said, “Counterfactual estimates suggest that without these decisive policy interventions, inflation could have reached 42.81 per cent by December 2024.”
