The Central Bank of Nigeria has said the decline in headline inflation in July 2024 is an indication that its monetary policy tightening measures are yielding results.
The apex bank spokesperson, Sidi Hakama disclosed this in a statement on Tuesday.
Recall that the National Bureau of Statistics’ latest inflation data released last week Thursday showed that Nigeria’s inflation decreased to 33.40 percent in July from 34.19 recorded in the previous Month.
Nigeria’s inflation drops for first time since 2022
Reacting to the report, CBN stressed that its interest rate tightening measure which stood at 26.75 percent in July is tackling inflation.
“Recent data from the National Bureau of Statistics (NBS) revealed that Nigeria’s year-on-year headline inflation rate slowed in July 2024, for the first time in 19 months – a clear indication that the CBN’s monetary policy tightening measures are delivering results”.
The CBN added that its policies will contribute to achieving its broader objective of maintaining stability in the foreign exchange market.
“The Bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria”, the apex bank stated.
Nigeria’s inflation decline in July shows monetary measures yielding results – CBN
