The Central Bank of Nigeria, CBN, has asserted that its monetary policy reforms are yielding positive outcomes for the country’s economy. In response to the recently released inflation rate for October, a statement from the Director of the Corporate Communications Department, CBN Isa AbdulMumin, affirms the commitment to revert to an evidence-based monetary policy approach to rebuild stakeholders’ confidence in Nigeria’s financial system.
In October, CBN Governor Dr. Yemi Cardoso emphasized the urgent need to discontinue unconventional monetary policies, foreign currency management, and unorthodox use of ways and means spending. Cardoso also highlighted the economic policy proposals aiming for fiscal reforms and growth targets to achieve a $1 trillion GDP within eight years.
Data from the National Bureau of Statistics released on Wednesday revealed an acceleration in inflation to 27.33% in October, a slight uptick from September’s 26.72%. The CBN stressed that the current inflation rate underscores the gradual impact of its money market reforms on the economy.
The marginal increase in the average price level for October, according to the apex bank, indicates the effectiveness of its monetary policy stance and money market reforms in achieving desired results. AbdulMumin emphasized the commitment of the CBN’s leadership and stated that efforts are underway to fulfill its core mandate of stabilizing the naira and reducing inflation.
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