In response to the recently released October inflation rate, the Central Bank of Nigeria (CBN) has announced that its monetary policy reforms are beginning to yield positive results for the country’s economy.
The statement, issued by CBN’s Director of the Corporate Communications Department, Isa AbdulMumin, expressed the apex bank’s commitment to returning to an evidence-based monetary policy status to enhance stakeholders’ confidence in Nigeria’s financial system.
CBN Governor, Dr. Yemi Cardoso, emphasized the urgent need for discontinuation of unorthodox monetary policies and foreign currency management, advocating for a more systematic approach. Cardoso highlighted that the administration’s economic policy proposals aim at achieving a $1 trillion GDP within eight years through a set of fiscal reforms and growth targets.
Data released by the National Bureau of Statistics on Wednesday revealed a slight increase in inflation to 27.33% in October, up from September’s 26.72%. The CBN underscored that the marginal rise in the average price level for October indicates the gradual influence of the central bank’s money market reforms on the economy.
The apex bank remains confident that the effectiveness of its monetary policy stance and money market reforms will continue to achieve the desired results. The commitment to evidence-based policies aims to restore stability, boost investor confidence, and promote sustainable economic growth in Nigeria.
