On Thursday, January 23, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso projected that the country’s Gross Domestic Product (GDP) will grow by 4.17% in 2025, with inflation expected to ease.
Currently, Nigeria’s inflation rate stands at 34.80%, but Cardoso expressed optimism that it will decline as the reforms initiated by President Bola Tinubu begin to take effect.
Cardoso also noted that foreign exchange reserves have been steadily increasing, driven by higher oil production, which is expected to reach 2.3 million barrels per day by mid-year.
He pledged to grow Nigeria’s foreign exchange reserves to over $40 billion, following a $6 billion FX inflow in 2024.
The central bank’s primary focus, according to Cardoso, remains maintaining price stability and building market confidence. To support this, the CBN aims to improve transparency and efficiency within the foreign exchange market.
“With limited opportunities for FX arbitrage, we expect to see increased interest in developing the real sector,” he added.
