The Central Bank of Nigeria (CBN) has disclosed that without its decisive policy interventions, the country’s inflation rate would have soared to 42.81 percent by December 2024
The apex bank has also projected that diaspora remittances are expected to rise to N31.7871 trillion when fourth-quarter 2024 figures are released.
CBN Governor, Mr. Olayemi Cardoso, made these revelations at the 2025 Monetary Policy Forum, which brought together ministers, heads of government agencies involved in economic matters, and private sector stakeholders. Cardoso reaffirmed the bank’s commitment to tackling inflation in 2025 using orthodox monetary policy measures.
“Counterfactual estimates suggest that without these decisive policy interventions, inflation could have reached 42.81% by December 2024,” Cardoso stated.
He stated that throughout 2024, the CBN implemented bold policy measures across six Monetary Policy Committee (MPC) meetings.
These included raising the Monetary Policy Rate (MPR) by a cumulative 875 basis points to 27.50 percent, increasing the Cash Reserve Ratio (CRR) of Other Depository Corporations (ODCs) by 1750 basis points to 50.00 percent, and adjusting the asymmetric corridor around the MPR.
To strengthen the financial system and ensure macroeconomic stability, the CBN also undertook critical reforms, including unifying multiple exchange rate windows to enhance efficiency in the foreign exchange (FX) market.
As a result, remittances through International Money Transfer Operators (IMTOs) increased by 79.4 percent in the first three quarters of 2024, reaching $4.18 billion compared to $2.33 billion in the same period of 2023.
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