Tuesday, June 11, 2024
Home Business MONETARY POLICY REFORM WILL HAVE POSITIVE EFFECT ON NIGERIA ECONOMY -CBN

MONETARY POLICY REFORM WILL HAVE POSITIVE EFFECT ON NIGERIA ECONOMY -CBN

The Central Bank of Nigeria said that its monetary policy reforms are beginning to have positive effects on the country’s economy. Reacting to the just-released inflation rate for October in a statement issued by the Director of the Corporate Communications Department, CBN Isa AbdulMumin, the apex bank vowed to return to evidence-based monetary policy status to restore stakeholders’ confidence in Nigeria’s financial system.
In October the CBN Governor, Yemi Cardoso, said there was an urgent need for discontinuation of unorthodox monetary policies and foreign currency management and unorthodox use of ways and means spending.
According to data released by National Bureau of Statistics figures on Wednesday, inflation accelerated to 27.33 per cent in October, a slight increase from September’s 26.72 per cent. The apex bank emphasised that the current inflation rate underscored the gradual influence of the CBN’s money market reforms on the economy.

RELATED ARTICLES

LICENSE REVOCATION : CBN COUNTERS CLAIM OF MORE LICENCE REVOCATION.

The Central Bank of Nigeria (CBN) has reassured members of the banking public of the safety of their deposits and the banking system's resilience....

SON HOSTS MEETING WITH OPERATORS OF THE SPECIAL ECONOMIC ZONES. 

The Standards Organization of Nigeria (SON), hosted operators of the Special Economic Zones to discuss grey areas surrounding the implementation of the Special Economic...

NSDC BOSS ASSURES THAT THE ONGOING REFORMS WILL UNLOCK THOUSANDS OF JOBS IN SUGAR INDUSTRY.

The Executive Secretary/CEO of the National Sugar Development Council (NSDC), Kamar Bakrin, has assured that the ongoing reforms by the Council and expansion plans...

Most Popular

NNPC LTD.,GOLAR LNG, SIGNS PDA ON 400-500MMSCF GAS DEAL.

In furtherance of its commitment to monetize Nigeria's vast natural gas resources, the NNPC Limited has executed a Project Development Agreement (PDA) with Golar...

CHIEF OF ARMY STAFF DIRECTS  IMMEDIATE INVESTIGATION OF INCIDENT AT COMMAND SECONDARY SCHOOL IYANA IPAJA.

In response to the recent concerns raised by the Association of Senior Civil Servants of Nigeria (ASCSN) regarding the treatment of civilian workers at...

LICENSE REVOCATION : CBN COUNTERS CLAIM OF MORE LICENCE REVOCATION.

The Central Bank of Nigeria (CBN) has reassured members of the banking public of the safety of their deposits and the banking system's resilience....

SON HOSTS MEETING WITH OPERATORS OF THE SPECIAL ECONOMIC ZONES. 

The Standards Organization of Nigeria (SON), hosted operators of the Special Economic Zones to discuss grey areas surrounding the implementation of the Special Economic...

Recent Comments