• Saturday, March 02, 2024
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Nigeria on point of stability says Cardoso

Olayemi Cardoso blames foreign education, healthcare for naira’s slide

…says Naira undervalued

Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), expressed optimism about the country’s economic stability during the launch of The Nigerian Economic Summit Group (NESG) macroeconomic outlook report for 2024 ttitled ‘Economic Transformation Roadmap,Medium-Term Policy Priorities,’ took place in a hybrid format in Lagos.

Cardoso stated, “I believe we are as a nation at the point of stabilization. If the goals of this stabilization phase are achieved, they will have a significant and immediate impact.” This is even as he noted that naira is currently undervalued in the FX market.

Read also: Cardoso calls for concrete commitment to achieve 95% financial inclusion in 2024

Emphasizing the importance of stabilizing macroeconomic indicators such as inflation rate, GDP growth, fiscal balance, and exchange rate, he highlighted their crucial role in fostering economic recovery and laying the groundwork for long-term economic growth.

“This phase is focused on stabilising macro economic indicators just as inflation rate, GDP growth, fiscal balance and exchange rate which are essential fostering the country towards economic recovery laid the groundwork for long term economic growth,” he said.