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Inflation: Gov Cardoso Pushes for Coordinated Action
Inflation: Gov Cardoso Pushes for Coordinated Action
31st January 2025
A buja - The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that managing disinflation amid persistent economic shocks requires robust policies and coordinated actions between fiscal and monetary authorities to anchor expectations and maintain investor confidence.
He stated this while opening the 2025 Monetary Policy Forum, held on Thursday, January 30, 2025, at Fraser Suites, Abuja, with the theme: “Managing the Disinflation Process”.
Addressing participants at the forum that attracted Ministers, the private sector, development partners, and academia, among others, Mr. Cardoso noted that the goal of the CBN was to ensure that monetary policy remains forward-looking, adaptive, and resilient.
According to him, collaboration remains key to success. Hence, policymakers, the private sector, and civil society must collaborate to drive meaningful change.
Further, he said, “Our focus must remain on price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship.”
While listing the efforts made by the CBN to curb inflation and stabilise the economy in the past year, he said the Bank would continue its disciplined approach to monetary policy.
“As we shift from unorthodox to orthodox monetary policy, the CBN remains committed to restoring confidence, strengthening policy credibility, and staying focused on its core mandate of price stability,” he noted.
Cardoso further noted that the reforms and developments under his watch reflect the Bank’s commitment to creating an enabling environment for inclusive economic development. However, achieving macroeconomic stability requires sustained vigilance and a proactive monetary policy stance.
In his welcome address, the Deputy Governor of Economic Policy, Mr. Mohammed Sani Abdullahi, noted that the forum served as a vital platform for engaging stakeholders, managing expectations, and ensuring monetary policy decisions are well understood and effectively implemented.