The Central Bank of Nigeria (CBN) has stated that it will tame the rate of inflation in the country using conventional means, News About Nigeria reports.
The Governor of the Bank, Olayemi Cardoso, disclosed this while speaking in an interview with Bloomberg in London on Tuesday.
He noted that he is optimistic that the decisions of the bank’s Monetary Policy Committee, MPC, will tame inflation in the country.
He stated that there has been a deceleration in the month-on-month inflation rates in the market, adding that it is a positive development.
Cardoso assured that the Monetary Policy Committee (MPC) members remained vigilant in monitoring inflation trends and ensuring a moderation of inflation numbers.
He also highlighted a period of stability following previous volatility in the foreign exchange market and expressed optimism about the recent improvements in liquidity and the return of confidence to the market.
The governor attributed the new development to increased liquidity and a calmer approach from market participants on both the buy and sell sides.
“MPC members will continue to monitor the trajectory and are determined to ensure that they put inflation under control.
“In the past, people were panicking and front-loading their requests.
“We had two different rates; right now, we more or less have one rate. And we believe that this is good. It allows companies to plan,” he stated, emphasising the importance of a predictable exchange rate for economic planning and investment.
He expressed confidence in the current market dynamics, where willing buyers and sellers operate freely, noting that it had contributed to the stability of the Naira.
