The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reiterated the bank’s unwavering commitment to combating inflation, promising that all available monetary policy tools will be deployed to achieve this goal.
Speaking on Tuesday at a press briefing following the 298th Monetary Policy Committee (MPC) meeting in Abuja, Cardoso affirmed the CBN’s resolve to restore price stability in the country.
“Let me first say that the central bank is resolute and committed to continuing to fight the war against inflation. There is no going back on that,” he said.
“We are going to deploy everything in our arsenal to ensure that we are able to tame it, and of course, this entails the return to orthodox monetary policies.”
The governor noted that while the effects of monetary policy measures are not immediate, they typically have a lag period of six to nine months or even up to a year.
He projected that the full impact of recent tightening measures would be more evident by the first quarter of 2025.
“We expect to see greater results in the first quarter of 2025, and you can do the math from the time we started tightening, so we expect to see this in the first quarter of 2025,” Cardoso explained.
The CBN has been implementing various measures, including monetary tightening, to address Nigeria’s inflation, which remains a significant challenge to the economy.
