Central Bank of Nigeria’s (CBN) spokesman, Dr. Isa AbdulMumin has expressed optimism that the apex bank was headed in the desired direction in terms of achieving price stability in spite of 0.61 percent increase in the headline inflation rate from 26.72 percent in September 2023 to 27.33 percent in October 2023.
Data released by the National Bureau of Statistics (NBS) on Wednesday showed that Nigeria’s headline inflation rate, on a month-on-month basis, in October 2023, stood at 1.73 percent, indicating 0.37 percent lower than the rate recorded in September 2023.
In a chat with newsmen in Abuja, on Wednesday on the latest NBS figures, the spokesman of the CBN expressed optimism that the low rate of increase in the average price level in October compared to September 2023, was a pointer to the fact that the Bank’s monetary policy stance to tighten rates and its money market reforms were yielding the desired effect.
Aggressive monetary tightening using various liquidity mechanisms including removing the cap on the Standing Deposit Facility (SDF) and Open Market Operations had raised Open Buy Back (OBB) rates from less than 1% in August to their expected levels around the monetary policy rate today.
In spite of 0.61% increase in the headline inflation rate from 26.72% in September 2023 to 27.33% in October 2023, Dr. AbdulMumin remained upbeat that the CBN was headed in the desired direction in terms of achieving price stability.
According to him, available statistics showed that the first indication of deceleration in prices was recorded in September and further reforms in the money market, which commenced in October, had accelerated easing in prices as indicated by the substantial drop in month-on-month changes recorded in October.
“Moderation in month-on-month changes in prices observed in the headline, food and core components of the consumer basket followed reforms in the money market and relative stability in the FX market,” he added.
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