The Central Bank of Nigeria (CBN) has reported that the decline in inflation in July 2024 indicates that its monetary policy measures are working.
Spokesperson Sidi Hakama made this statement on Tuesday, August 20.
According to the latest data from the National Bureau of Statistics (NBS), Nigeria’s inflation rate dropped to 33.4% in July from 34.19% the previous month.
In response, the CBN highlighted that its interest rate, which was set at 26.75% in July, is effectively addressing inflation.
“Recent data from NBS shows that Nigeria’s year-on-year headline inflation rate slowed in July 2024 for the first time in 19 months – a clear sign that the CBN’s monetary policy tightening measures are making an impact,” the CBN stated.
The bank also noted that these policies are aimed at stabilizing the foreign exchange market.
“The CBN will continue to monitor market conditions and adjust its policies as needed to support greater remittance flows into Nigeria,” the statement concluded.
