CBN governor Olayemi Cardoso told senators that inflation dropped from 34.6 percent to 16.05 percent while foreign reserves climbed to 46.7 billion dollars, and the naira gap between official and parallel markets shrank to under 2 percent compared to over 60 percent a year back. Capital inflows hit 20.98 billion dollars through October, which beat the entire previous year by 70 percent, and the bank cleared a 7 billion dollar FX backlog that had been choking investor confidence.
Real GDP grew 3.98 percent in Q3 thanks to crop production and ICT, and the Purchasing Managers Index reached 56.4 points in November. Food inflation fell to 13.12 percent, giving households and businesses some breathing room after getting hammered for years.
Senator Mukhail Abiru ran the committee meeting and praised the turnaround, but brought up unresolved stuff like mutilated naira notes, excessive bank charges, and an auditor report claiming 1.44 trillion naira in unremitted operating surplus. Twenty-seven banks are raising capital ahead of the March deadline, and 16 have already hit the new thresholds.
Real GDP grew 3.98 percent in Q3 thanks to crop production and ICT, and the Purchasing Managers Index reached 56.4 points in November. Food inflation fell to 13.12 percent, giving households and businesses some breathing room after getting hammered for years.
Senator Mukhail Abiru ran the committee meeting and praised the turnaround, but brought up unresolved stuff like mutilated naira notes, excessive bank charges, and an auditor report claiming 1.44 trillion naira in unremitted operating surplus. Twenty-seven banks are raising capital ahead of the March deadline, and 16 have already hit the new thresholds.
