The Central Bank of Nigeria has declared that its monetary policy reforms are yielding positive results for the nation’s economy.
In response to the recently disclosed October inflation rate, the CBN, through its Director of the Corporate Communications Department, Isa AbdulMumin, pledged a return to evidence-based monetary policies to instill confidence in Nigeria’s financial system.
CBN Governor Dr. Yemi Cardoso emphasized the urgency to discontinue unorthodox monetary policies and foreign currency management.
Despite a slight increase in October’s inflation to 27.33%, the CBN emphasized the gradual impact of its money market reforms, citing the effectiveness of its monetary policy stance in achieving desired results.
AbdulMumin highlighted the leadership’s commitment to stabilize the naira and reduce inflation, with ongoing efforts to fulfill the core mandate of the apex bank.
