The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed that if not for the bank’s decisive policy interventions, Nigeria's inflation, which stood at 34.80 percent in December 2024, would have risen to 42.81 percent.

He made the statement while speaking at the 2025 Monetary Policy Forum, which assembled ministers, heads of economic agencies, and private sector players.

According to Cardoso, the country's diaspora remittances would increase to N31.79 trillion when fourth-quarter figures for 2024 are released from the $4.18 billion mark in the first three quarters of 2024.

Cardoso also saw the unification of multiple exchange windows, clearance of foreign exchange backlog amounting to $7 billion, and boosting the country’s foreign remittances to $4.18 billion in the first three quarters of 2024 from $2.33 billion in the same period in 2023 as achievements in the period under review.

He stated: “Counterfactual estimates suggest that without these decisive policy interventions, inflation could have reached 42.81 percent by December 2024.

“Throughout 2024, the bank implemented several bold policy measures across six MPC meetings, including raising the Monetary Policy Rate by a cumulative 875 basis points to 27.50 percent, increasing the Cash Reserve Ratio of Other Depository Corporations by 1,750 basis points to 50.00 percent, and adjusting the asymmetric corridor around the MPR.”