June 18, 2024
Inflation Rate: Monetary Policies Yielding Desired Results, Says CBN
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Inflation Rate: Monetary Policies Yielding Desired Results, Says CBN

The Central Bank of Nigeria says its monetary policy reforms have started reflecting positively on the country’s economy.

Speaking in Abuja on the latest inflation rate released by National Bureau of Statistics figures on Wednesday, the apex bank’s Director of Corporate Communications, Isa AbdulMumin, said the current inflation rate released by the NBS indicated that the money market reforms by the apex bank are gradually affecting the economy.

The NBS said that the country’s inflation rate surged to 27.33 percent in October,  a 0.61 percentage point increase from the 26.72 percent that was recorded in September.

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But AbdulMumin said the current inflation rate released by the NBS indicated that the money market reforms by the apex bank are gradually affecting the economy.

The director added that the low increase in the average price level in October is an indication that the CBN’s monetary policy stance as well as its money market reforms were yielding the desired results of stabilising the naira as well as reducing inflation.

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