The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the apex bank is prepared to use any tool at its disposal to manage inflation, which has continued to spiral northward.
Inflation figures had risen to 32.7 per cent in September after receding for two months as price pressures have been exacerbated by the government’s decision to scrap petrol and electricity subsidies and to devalue the naira twice since President Bola Tinubu took over last year.
Cardoso, speaking at the FT Africa Summit in London, said the apex bank is ready to use any tools at our disposal to manage inflation; as he said, he expected headline inflation to moderate in the coming months, and food inflation was proving stickier.
Noting that the bank was working closely with the government to address this, Cardoso said Nigeria must not slacken in its reform drive as it is beginning to attract ‘growing and serious interest’ from foreign investors, citing recent visits to the country by Citigroup CEO Jane Fraser and JPMorgan’s Jamie Dimon.
