Nigeria: CBN States Positive Outcomes from Monetary Reforms

The Central Bank of Nigeria (CBN) has expressed satisfaction that its monetary policy reforms are yielding positive results for the country’s economy. In response to the recently released inflation rate for October, CBN’s Director of the Corporate Communications Department, Isa AbdulMumin, issued a statement affirming the bank’s commitment to evidence-based monetary policy to restore stakeholders’ confidence in Nigeria’s financial system.

In October, CBN Governor Dr. Yemi Cardoso emphasized the need for discontinuation of unorthodox monetary policies and foreign currency management, advocating for a more conventional approach. Cardoso highlighted the economic policy proposals aiming for fiscal reforms and growth targets to achieve a $1 trillion GDP within eight years.

Recent data from the National Bureau of Statistics revealed that inflation accelerated to 27.33% in October, a slight increase from September’s 26.72%. The CBN underscored that the current inflation rate reflects the gradual impact of its money market reforms on the economy.

The marginal rise in the average price level for October, according to the CBN, indicates the effectiveness of its monetary policy stance and money market reforms in achieving the desired results. AbdulMumin emphasized the ongoing efforts of the CBN’s leadership to fulfill its core mandate of stabilizing the naira and reducing inflation.