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“The committee expressed optimism that the lifting of refined petroleum products from Dangote refinery will moderate transportation costs and significantly support the easing of food price pressures in the short to medium term.

This is also expected to moderate foreign exchange demand for importation of refined petroleum products, with a positive spillover on external reserve and improvement in the overall balance of payment position,” he said.

Cardoso also said that an assessment of the performance of Nigeria’s financial institutions indicated that they were stable.

“Members assessed the performance of key financial soundness indicators and noted with satisfaction that inspite of familiar headwinds, the banking industry remains safe, sound, and stable.

“The Committee, however, emphasised the need to sustain supervisory oversight on the industry to strengthen its continued support to the economy,” he said.

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