The Central Bank of Nigeria (CBN) has asserted that its monetary policy reforms are yielding positive results for the country’s economy.
Responding to the recently published October inflation rate, CBN’s Director of Corporate Communications, Isa AbdulMumin, stated that the bank is committed to returning to an evidence-based monetary policy status to restore 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.”
Despite a slight increase in October’s inflation to 27.33%, the CBN highlighted the gradual impact of its money market reforms on the economy, indicating the effectiveness of its monetary policy stance and reforms in achieving desired results.
AbdulMumin reiterated the apex bank’s commitment to stabilize the naira and reduce inflation.
