The Central Bank of Nigeria (CBN) has expressed optimism about the initial success of its monetary policy reforms in bolstering the country’s economy. In response to the recently unveiled inflation figures for October, as announced by CBN’s Director of Corporate Communications, Isa AbdulMumin, the apex bank remains resolute in reinstating an evidence-based monetary policy framework to rebuild trust within Nigeria’s financial ecosystem.
October witnessed CBN Governor Dr. Yemi Cardoso urgently advocating for the cessation of unconventional monetary policies and a shift from unorthodox foreign currency management practices. He underscored the administration’s economic policy propositions, outlining fiscal reforms and growth targets aimed at achieving a $1 trillion GDP within an eight-year span.
The National Bureau of Statistics’ data released on Wednesday revealed a slight uptick in inflation to 27.33% for October, up marginally from September’s 26.72%.
CBN highlighted that the current inflation rate reflects the gradual impact of its money market reforms on the economy. The modest increase in the average price level for October, according to the apex bank, indicates the effectiveness of CBN’s monetary policy stance and market reforms in steering toward desired outcomes.
Emphasizing the commitment of the CBN’s leadership, AbdulMumin reiterated ongoing efforts to fulfill the core mandate of stabilizing the naira and curbing inflation. The apex bank remains steadfast in its dedication to these pivotal objectives.
