The Central Bank of Nigeria (CBN) has stated it is on course to reduce inflation to single digits in its effort to shift to an inflation-targeting monetary policy framework.
This was disclosed on Sunday by the CBN Deputy Governor in charge of economic policy, Dr. Muhammad Abdullahi, while speaking at an engagement session with the Nigerian Economic Society and members of the academic community in Abuja.
He said, “The transition to an inflation-targeting framework marks a significant shift toward a transparent, forward-looking, and rules-based monetary policy system anchored in long-term price stability.”
According to him, the framework would act as a vital anchor for the economy by reducing the impact of external shocks.
He added, “The medium-term target is to steer inflation into a single-digit range of 6–9 per cent, barring major external shocks.”
More details later.