The Central Bank of Nigeria (CBN) has set its sights on reducing inflation to single digits in the medium to long term, according to CBN Governor Olayemi Cardoso. Speaking in Abuja after the 299th Monetary Policy Committee (MPC) meeting, Cardoso discussed the recent rebasing of the Consumer Price Index (CPI), which resulted in a decrease in Nigeria’s inflation rate from 34.8 percent to 24.8 percent.
Cardoso emphasized that the new inflation figures provide a more accurate reflection of the country’s economic reality and align with global best practices. He stated:
“Despite the positive shift in inflation figures, the MPC opted to maintain the current MPR to ensure sustained economic stability,” he said. “As always, we are data-driven. What we have is a CPI which is more reflective of the consumption pattern. To that extent, one commends the NBS for bringing this to reality.”
The CBN governor also reassured that the bank would remain vigilant, continuing to monitor both domestic and global risks to ensure proactive measures are taken to safeguard the economy. He further highlighted the CBN’s long-term goal of reducing inflation to single digits, stating:
“Our objective, in the medium to long term, is to ensure that we are able to bring this down from the double digits to the single digit,” he said. “As we continue with the policies that we have embarked upon, we believe that the road of travel will be in that direction.”
Cardoso emphasized the importance of cooperation between monetary and fiscal authorities in achieving this goal. He acknowledged that progress would require both sectors working in tandem and stated:
“I will be deceiving you to say the fiscal will do it on its own, the monetary will do it on its own. It won’t be. Coordination has always been important. But at no time can it be as important, in my view, as the situation we have now, because we can see change in a positive direction, and we need to not only maintain and hold but also improve it.”
The recent monetary policy forum, which brought together fiscal and monetary authorities, marked a significant step toward improved coordination and economic stability, according to Cardoso.
In discussing Nigeria’s external reserves, Cardoso revealed that they stood at $39.4 billion as of February 14, providing an import cover of 9.6 months for goods and services. However, data from the CBN’s website indicated a slight decrease, with reserves falling to $38.7 billion by February 19, a drop of $261.5 million.
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