Meanwhile, the CBN Governor, Yemi Cardoso, says Nigeria’s inflationary pressure will drop from 28.92 per cent to 21.4 per cent in 2024.

Speaking during his addressed to the House of Representatives, Cardoso said the projected decline in the country’s inflationary is due to inflation-targeting policies of the Federal Government, and improvement in agricultural productivity as well as easing global supply chain pressures, would contribute to reining in inflation.

According to him, the Nigerian foreign exchange market was currently facing increased demand pressures, prompting a continuous decline in Naira value, caused by speculative forex demand, inadequate forex supply due to non-remittance of crude oil earnings to the CBN, increased capital outflows, and excess liquidity from fiscal activities.

The apex bank Governor added that the shift to a market-driven exchange rate is intended to create a stable macroeconomic environment and discourage currency hoarding.