CBN Discloses Monetary Reforms Yielding Positive Results

By Clement Alphonsus

The Central Bank of Nigeria has disclosed that its monetary policy reforms are starting to have positive effects on the country’s economy.

While 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 declared the commitment to return to evidence-based monetary policy status to restore stakeholders’ confidence in Nigeria’s financial system.

In October the CBN Governor, Dr Yemi Cardoso, explained that there was an urgent need for “discontinuation of unorthodox monetary policies and foreign currency management and unorthodox use of ways and means spending”.

The data released by National Bureau of Statistics figures on Wednesday disclosed that the inflation accelerated to 27.33 per cent in October, a slight increase from September’s 26.72 per cent.

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

Speaking on the commitment of the apex bank’s leadership, AbdulMumin said efforts are underway to fulfil its core mandate of stabilizing the naira and reducing inflation.