Monetary reforms yielding positive results, says CBN

Monetary reforms yielding positive results, says CBN

Monetary reforms yielding positive results, says CBN

The Central of Nigeria said that its monetary policy are beginning to have positive effects on the country's economy.

 Reacting to the just-released inflation rate for October in a statement issued by the Director of the Corporate Communications Department, CBN Isa AbdulMumin, the apex bank vowed to return to evidence-based monetary policy status to restore stakeholders' confidence in Nigeria's 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”.

READ ALSO:  Oil marketers reject old naira notes despite CBN directive

 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 .”

According to data released by National Bureau of Statistics figures on Wednesday, inflation accelerated to 27.33 per cent in October, a slight increase from September's 26.72 per cent.

READ ALSO:  CBN extends validity of old naira indefinitely

 The apex bank emphasised that the current inflation rate underscored the gradual influence of the CBN's money market reforms on the economy.

 He pointed out that the marginal rise in the average price level for October indicated the effectiveness of the CBN's monetary policy stance and money market reforms in achieving the desired results.

READ ALSO:  Live sports come to Max, Warner Bros. Discovery streaming platform

 Highlighting the commitment of the apex bank's leadership, AbdulMumin stated that efforts are underway to fulfil its core mandate of stabilizing the and reducing inflation.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]

Leave a Reply

Your email address will not be published. Required fields are marked *