The Central Bank of Nigeria has stated that its monetary policy measures are beginning to benefit the country’s economy.
In a statement issued by CBN Director of Corporate Communications Department Isa AbdulMumin in response to the recently published October inflation figure, the apex bank committed to return to evidence-based monetary policy stance in order to restore stakeholders’ confidence in Nigeria’s financial system.
Dr Yemi Cardoso, Governor of the Central Bank of Nigeria, stated in October that “discontinuation of unorthodox monetary policies and foreign currency management, as well as unorthodox use of ways and means spending” was important.
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.”
LagosPost reported that the inflation rate accelerated to 27.33 per cent in October according to the National Bureau of Statistics figures.
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.
Alleluia is the Assistant Editor and Content Writer at LagosPost.ng. She is a prolific writer and editor, she has written features and news stories on Lifestyle, Sports, Business, Politics and B2B marketing. She is also an event coordinator, host and social media content creator.
