THE Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Tuesday said the apex bank is determined to tame inflation through conventional methods.
He stated this during an interview with Bloomberg in London while sharing key insights on the current state of the market, mainly focusing on the stability of the naira and inflation rates.
Cardoso noted a deceleration in the month-on-month inflation rates, highlighting it as a positive development.
He also assured that the Monetary Policy Committee (MPC) members remained vigilant in monitoring inflation trends and ensuring a moderation of inflation numbers.
“MPC members will continue to monitor the trajectory and are determined to ensure that they put inflation under control,” a statement from the bank’s communicative unit quoted Cardoso as saying.
While highlighting a period of stability following previous volatility in the foreign exchange market, he expressed optimism about the recent improvements in liquidity and return of confidence to the market.
He attributed the new development to increased liquidity and a calmer approach from market participants on both the buy and sell sides.
“In the past, people were panicking and front-loading their requests,” he explained, stressing that “Now, a lot of that has calmed down. There’s no inclination to do that because liquidity has returned to the market.”
