CBN Speaks On Monetary Reforms Yielding Positive Results

The Central Bank of Nigeria (CBN) said its monetary policy reforms are beginning to yield results and positively affect the economy.

The Director of the Corporate Communications Department of the CBN, Isa AbdulMumin, stated this in a statement on Thursday while reacting to the just-released inflation rate for October.

Recall that the National Bureau of Statistics (NBS), in a report on Wednesday, disclosed that inflation accelerated to 27.33 per cent in October, a slight increase from September’s 26.72 per cent.

The report, however, further detailed that food inflation dropped by 0.54 per cent, standing at 1.91 per cent against the 2.45% recorded in September.

Reacting to the inflation report,  the CBN spokesman emphasised that the current inflation rate underscored the gradual influence of the CBN’s money market reforms on the economy.

AbdulMumin 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.

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

The CBN spokesman stated that the apex bank would return to evidence-based monetary policy status to restore stakeholders’ confidence in Nigeria’s financial system.