The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, expressed optimism that the country’s inflation rate would decelerate steadily from next year, dropping to below 15 percent before the end of 2023.
Emefiele stated this at the 57th yearly bankers’ dinner. He admitted that the country’s inflation was worrisome, but noted that several economies, including some African countries, were worse than the trend in Nigeria.
He noted that the monetary framework would remain tight, but responsive to “evidence-based facts” about the economy. He added that the monetary decisions would be supportive of the real sector to drive growth and create jobs.
According to him, Nigeria’s economic growth has demonstrated the resilience of the non-oil sector, which is supported by both monetary and fiscal policies.
The chief regulator spoke extensively about the naira redesign, concluding that the is producing the designed results.
He insisted that the deadline for phasing out the old banknotes remains January 3, 2023 and advised those hoarding cash in old notes to take them to banks for new ones.He further called for “innovative decision-making” to diversify the economy and insulate it from external shocks, adding that the country needs “radical responses to abnormal episodes”.
