The Central Bank of Nigeria (CBN) has reported that its strategic monetary policy reforms are beginning to yield positive outcomes for the nation's economy.
The Director of the CBN's Corporate Communications Department, Isa AbdulMumin, highlighted this development in Abuja while discussing the recently released inflation figures by the National Bureau of Statistics (NBS) on Wednesday.
The NBS revealed that Nigeria's inflation rate rose to 27.33 percent in October, a marginal increase of 0.61 percent from September's 26.72 percent.
AbdulMumin noted that the current inflation data suggests a gradual integration of the CBN's monetary policy reforms into the broader economic landscape.
He emphasised that the slight uptick in the average price level for October indicates the effectiveness of the CBN's monetary policy stance and market reforms.
AbdulMumin underscored the CBN's commitment to its core mandate of naira stabilisation and inflation reduction, pointing out that the implementation of robust monetary tightening, employing diverse liquidity mechanisms, has led to a notable rise in open-buyback rates, aligning with the present monetary policy rate.
Key mechanisms include lifting the cap on the standing deposit facility and open market operations.
Despite the modest increase in inflation, AbdulMumin assured stakeholders that the CBN remains steadfast in achieving its goal of price stability.
He noted that the initial signs of price deceleration were evident in September, and subsequent money market reforms in October contributed to a significant reduction in month-on-month changes.
The director attributed the moderation in price changes to reforms in the money market and the relative stability observed in the foreign exchange market.
As the CBN continues its monetary policy initiatives, the positive indicators suggest a proactive approach towards fostering economic stability and mitigating inflationary pressures in Nigeria.
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