The Central Bank of Nigeria recently stated that its monetary policy reforms are starting to have a positive impact on the country’s economy.
In response to the recently released inflation rate for October, the apex bank, through its Director of the Corporate Communications Department, Isa AbdulMumin, stated its commitment to returning to an evidence-based monetary policy approach in order to restore confidence in Nigeria’s financial system.
In October the CBN Governor, Dr. Yemi Cardoso, said there was an urgent need for “discontinuation of unorthodox monetary policies and foreign currency management and unorthodox use of ways and means spending”.
Cardoso added: “The economic policy proposals of the administration identify a set of fiscal reforms and growth targets that will achieve $1trn GDP within eight years.”
According to data released by National Bureau of Statistics figures on Wednesday, inflation accelerated to 27.33 per cent in October, a slight increase from September’s 26.72 per cent.
The apex bank emphasised that the current inflation rate underscored the gradual influence of the CBN’s money market reforms on the economy.
He pointed out that the marginal rise in the average price level for October indicated the effectiveness of the CBN’s monetary policy stance and money market reforms in achieving the desired results.
Highlighting the commitment of the apex bank’s leadership, AbdulMumin stated that efforts are underway to fulfil its core mandate of stabilizing the naira and reducing inflation.
Source: Punch
