The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced plans to aggressively tackle the country’s soaring inflation rate, aiming to bring it down to a single-digit figure. Naija247news reports that Cardoso made this declaration during a keynote address at the Economic Summit held in Abuja on Thursday, where he described the current inflation rate as “unacceptably high for too long.”
Thank you for reading this post, don't forget to subscribe!According to Naija247news, Nigeria’s inflation rate has remained in double digits for several years, peaking at 28.9% in December 2023, driven by rising food prices, energy costs, and currency depreciation. Cardoso emphasized that the CBN’s new strategy will focus on tightening monetary policies, improving foreign exchange stability, and boosting agricultural productivity to curb inflation.
Naija247news gathered that the CBN governor outlined a multi-pronged approach to achieve the single-digit inflation target. “We are committed to implementing policies that will stabilize prices and restore confidence in the economy. This includes reducing money supply, increasing interest rates, and supporting sectors that drive production,” Cardoso stated.
Naija247news understands that the announcement has been met with cautious optimism by economists and stakeholders. While some have praised the CBN’s renewed focus on inflation, others have expressed concerns about the potential impact of tighter monetary policies on economic growth. “Achieving single-digit inflation is a laudable goal, but it must be done in a way that does not stifle businesses or worsen unemployment,” said Dr. Aisha Mohammed, an economist who spoke to Naija247news.
According to Naija247news, Cardoso also highlighted the role of collaboration with fiscal authorities in achieving the inflation target. He called for increased investment in infrastructure, particularly in the agricultural sector, to address supply chain bottlenecks and reduce food prices. “Inflation is not just a monetary issue; it requires a holistic approach involving all stakeholders,” he added.
Naija247news reports that the CBN’s move comes amid growing public frustration over the rising cost of living. Many Nigerians have taken to social media to express their struggles, with hashtags such as #HighCostOfLiving and #InflationCrisis trending on Twitter.
As the CBN rolls out its new strategy, Naija247news gathered that analysts are closely monitoring its implementation and impact. While the road to single-digit inflation may be challenging, Cardoso’s commitment has sparked hope for a more stable economic future.
