The Central Bank of Nigeria (CBN) has attributed the slowdown in inflation to its monetary policy measures. According to the CBN, the decline in inflation rate in July is a positive sign that its strategies are yielding results. The National Bureau of Statistics’ latest data showed that Nigeria’s inflation rate decreased to 33.40% in July from 34.19% in the previous month.
The CBN spokesperson, Sidi Hakama, stated that the interest rate tightening measure, which stood at 26.75% in July, is tackling inflation. The CBN believes that its policies will contribute to achieving its broader objective of maintaining stability in the foreign exchange market.
The CBN also noted that it will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria. The apex bank’s measures aim to stabilize the economy and control inflationary pressures.
The slowdown in inflation is a welcome development, indicating that the CBN’s efforts are paying off. The CBN remains committed to using monetary policy tools to achieve its objectives and ensure economic stability.
Key points:
- CBN attributes inflation slowdown to monetary policy measures
- Inflation rate decreased to 33.40% in July from 34.19% in June
- Interest rate tightening measure stood at 26.75% in July
- CBN aims to maintain stability in foreign exchange market
- Apex bank will continue to monitor market conditions and adjust policies as necessary.
