In a bid to restore stakeholders’ confidence in Nigeria’s financial system, the Central Bank of Nigeria disclosed that its monetary policy reforms 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 stabilize confidence in Nigeria’s economy.
In October the CBN Governor, Dr Yemi Cardoso, said there was an urgent need for discontinuation of unorthodox monetary policies, foreign currency management, and unorthodox use of ways and means of spending.
Cardoso 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.
According to data released by National Bureau of Statistics figures, inflation accelerated to twenty-seven percent in October, a slight increase from September’s twenty-six percent.