CBN attributes inflation slowdown to monetary policy

The Central Bank of Nigeria has stated that the decline in the country’s inflation rate in July is a positive sign that its monetary measures are beginning to yield results.

The CBN highlighted this development as evidence of the effectiveness of its strategies aimed at stabilising the economy and controlling inflationary pressures.

The apex bank spokesperson, Sidi Hakama disclosed this in a statement on Tuesday.

Recall that the National Bureau of Statistics’ latest inflation data released on Thursday showed that Nigeria’s inflation decreased to 33.40 per cent in July from 34.19 recorded in the previous Month.

Reacting to the report, CBN stressed that its interest rate tightening measure which stood at 26.75 per cent in July is tackling inflation.

“Recent data from the National Bureau of Statistics (NBS) revealed that Nigeria’s year-on-year headline inflation rate slowed in July 2024, for the first time in 19 months – a clear indication that the CBN’s monetary policy tightening measures are delivering results”.

The CBN added that its policies will contribute to achieving its broader objective of maintaining stability in the foreign exchange market.

“The Bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria”, the CBN said.

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