Month-on-Month inflation slows by 50% — Cardoso

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said on Thursday that inflation, which is the change in the price of goods and services, has begun to moderate as month-on-month inflation has dropped by 50 percent.

He said this during a fireside chat with Frank Aigbogun, publisher/chief executive officer of BusinessDay Media Limited, at the ongoing 2024 CEO forum, themed ‘Leadership in tough economic times.’

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“Between February and now, the month-to-month inflation has decreased by 50 percent. I’m confident, in a not too distant future, things will begin to moderate,” he stated.

He further said that the MPR hikes were also timely because it contributed to the decline in month-on-month inflation between February and May.

“It was also a timely issue. It’s not something that I expect will remain with us forever. The ability to soak up the excess liquidity over time is important to the MPC.”