The Governor of Central Bank of Nigeria, CBN, Olayemi Cardoso has assured Nigerians that the inflationary trend experienced in country would slow down in the coming quarters of the year.
The apex bank boss stated this yesterday, June 19. He said the current inflation in the country will subside in the months ahead.
Cardoso disclosed this at a meeting with leaders of Organized Private Sector, OPS at a meeting held at the bank’s Lagos office on Wednesday, June 19
Speaking on the inflation in the country, Cardoso said there were positive developments in the fight against the trend. He noted that there is a deceleration in month-on-month inflation rates.
According to reports, the meeting was designed to discuss the state of the economy, monetary policy direction and fostering of collaboration.
The meeting also focused on exploring how broad-based monetary policy communication and guidance can positively influence the global investment community’s perception of Nigeria. And on determining the right bundle of monetary policies and interventions to increase the productive sector’s growth.
The CBN governor, however, expressed optimism for continued moderation in the coming quarters.
According to reports, the key focus of the meeting was the CBN’s commitment to improved communication and transparency.
Cardoso, therefore, emphasized the bank’s intention to utilize forward guidance. This is a strategy that has to do with communicating future monetary policy actions to enhance investor confidence – both domestic and international.
According to him, “building trust through transparency is critical to attracting investment and fostering a healthy business environment.
The meeting also reiterated CBN’s commitment to collaborating with the private sector. This is even as the discussions focused on establishing a framework for ongoing communication and engagement with OPS leadership.
This collaboration is designed to harmonize economic policy. And to ensure the CBN’s effective support for private sector growth. This is potentially in partnership with the Nigerian Economic Summit Group (NESG).
Cardoso noted the importance of private sector input in shaping economic policy.
He said, “The Private Sector is a critical engine of our economy.”
The CBN’s role in facilitating trade finance and development finance through traditional institutions was also highlighted.
source: The Nation
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