Monetary Reforms are Yielding Positive Results – CBN
The Central Bank of Nigeria says its monetary policy reforms are beginning to have positive effects on the country’s economy.
The CBN was reacting to the just-released inflation rate for October by the National Bureau of Statistics on Wednesday, which indicated that inflation accelerated to 27.33 percent in October, a slight increase from September’s 26.72 percent.
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In a statement issued by the Director of the Corporate Communications Department of CBN, Isa AbdulMumin, the apex bank vowed to return to evidence-based monetary policy status to restore stakeholders’ 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.”
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 stabilising the Naira and reducing inflation.
Punch/Hauwa Abu
