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Governor Olayemi Cardoso has reiterated that achieving single-digit inflation remains a primary goal for the Central Bank of Nigeria (CBN), even as the bank continues to deploy bold policy tools to stabilise the economy.
Speaking after the conclusion of the Monetary Policy Committee (MPC) meeting on Tuesday in Abuja, Cardoso said the CBN’s tightening measures have begun yielding results, as headline inflation recorded a marginal decline in June.
He noted that the bank will stay the course until inflation—which peaked at 33.95 per cent in May—is brought down significantly to a level that supports investment, productivity, and long-term economic stability.
“Our commitment is clear: we are working toward single-digit inflation. We know this is essential for sustainable growth, investor confidence, and social stability,” Cardoso told reporters.
He added that inflation targeting remains the central pillar of the CBN’s monetary framework, and assured Nigerians that the Bank would continue to align its strategies with global best practices to achieve price stability.
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