CBN Tells Senate Inflation Eased to 15.91% in June

Central Bank Governor Olayemi Cardoso told a Senate committee that headline inflation eased slightly to 15.91 per cent in June after rising to 15.93 per cent in May.

Cardoso said the increase followed a temporary shock from the Middle East conflict, while the June figure pointed to a return to moderation. He spoke when CBN officials appeared before the Senate Committee on Banking, Insurance and Other Financial Institutions.

Premium Times reported that the committee examined inflation, foreign-exchange management, reserves and the banking recapitalisation programme. Cardoso said banks had raised ₦4.65 trillion in fresh capital, with domestic investors providing 72.55 per cent of the amount.

Committee chairman Tokunbo Abiru said stronger bank capital should translate into affordable credit for productive sectors, while raising concerns about bank charges, consumer complaints and cybersecurity risks.

Source: Premium Times