CBN remains optimistic over its drive to cage the raging inflation as it moves to tame growth in money supply.

 Preamble

When  Olayemi Cardoso  received his mandate to head Nigeria’s Central Bank, he gave himself the task of entrenching macroeconomic stability . His focus therefore, he said would be on monetary  , price stability, and financial stability.

 Cardoso, no doubt, inherited ernomous challenges on his assumption of office . Corporate governance failures , a diminished institutional autonomy of CBN, a deviation from the core mandate of the Bank ,unorthodox use of monetary tools, an inefficient and opaque foreign exchange market that hindered clear access, a foray into fiscal activities under the cover of development finance activities as well as lack of clarity between fiscal and monetary policies, among others were challenges that paved his way . All these put the apex in bad light and must be rectified. .

But he was undaunted. In is maiden speech last year he left nobody in doubt about this: “under my leadership, the Central Bank Nigeria will vigorously address these issues. We will tackle institutional deficiencies, restore corporate governance, strengthen regulations, and implement prudent policies. We assure investors and the business community that the economy will experience significant stability in the short-to-medium term as we recalibrate our policy toolkits and implement far-reaching measures”

His plan is to refocus the bank’ to its core mandate and discontinue direct quasi-fiscal interventionist activities and instead utilize orthodox monetary policy tools for implementing monetary policy.   “Our monetary policies will aim to achieve price stability, foster sustainable economic growth, stabilize the exchange rate of the naira, and reduce interest rates to facilitate borrowing and investments in the real sector” .

Barely a few months into the job, Cardoso ’s mettle was tested as the naira went into a free fall .Today ,the exchange rate has stabilized fairly. He is now battling the inflation .

What’s wrong with inflation?

The answer is very simple : If the rate of inflation were perfectly predictable, then most of the ill-effects could be avoided. Contracts, wages, interest rates and the tax system could take future inflation into account, and it would make little difference to economic performance whether the rate was 0% or 5%. It is because inflation is not predictable that it damages economies.

Unforeseen inflation stunts growth because it distorts the price mechanism, by making it difficult to distinguish changes in relative prices from changes in the general price level. So resources are mis-allocated, and growth is consequently slower . If the general price level were stable, the market economy would function better.

The second effect of inflation is uncertainty, the enemy of investment and growth. If businessmen are unsure about the future level of prices, and hence of real interest rates, they will be less willing to take risks and to invest, especially in long-term projects. Inflation encourages a preoccupation with short-term profits at the expense of longer-term returns. Furthermore, uncertainty about inflation pushes up real interest rates, as lenders demand a bigger risk premium on their money.

Inflation- Targeting

As part of this refocus, agenda the CBN approved the adoption of an explicit inflation-targeting framework to enhance the effectiveness of its monetary policy.  For almost a year now into his mandate , he has engaged in a frantic battle   in the pursuit of his determination to achieve this goal by the deft application of tools that a central banker is at liberty to draw on.

To manage these sensitive aspects of the economy like inflation, CBN announced a  target of 21.4 percent inflation rate for 2024 year-end.. This was on the backdrop of an annualized inflation rate of  29.82 percent in December 2023. Analysts believed this target would be a very tenuous progress, not least because it would mean the end of the severe cost-of-living crisis Nigerians are facing is not yet in sight.  But  if the approximately eight percentage points decline in inflation this year was  realised, it, quite clearly, would have been a big relief , some analysts noted . One thing is clear  , the target is far from ambitious enough.  

Nigeria is not the only country that has had to grapple with high inflation in recent years. In fact, nearly all countries and jurisdictions of the world are still trying to return inflation to their long-term targets after the general rise in prices caused by supply-chain disruptions and shifts in demand as induced by the Covid-19 pandemic and the ongoing Russia-Ukraine war.

Challenges Behind Inflation Targeting.

However , for any central bank to hit an inflation target it is not usually that easy. Such a bank is expected to display certain critical traits .These include independence ,transparency and credibility . It is also very imperative for it to be well armed with some critical tools to achieve that inflation target. Such critical monetary policy tools  include interest rates, reserve requirements, and open-market transactions .All to reduce the money in the circulation to the level appropriate for that target without damaging the economy.

Cardoso was not oblivious of the above traits and tools necessary for any apex bank targeting inflation in order to boost the economy through price stability

First , if central banks are not independent, monetary policies may be influenced by short-term political interests that can be inconsistent with the inflation goals. For example, politicians may try to stimulate the economy with several monetary tools hoping for reelection, which can lead to higher inflation and failure in reaching the inflation targets previously set.

That’s why it’s a common belief that central banks should remain operationally independent. Moreover, some central banks also target independence, which means they set their own inflation targets.

However, in some cases, inflation targets may be inconsistent with other macroeconomic conditions. For example, a heavily indebted country that is aiming for a very low level of inflation may not be credible, as it could be in the government’s interest to resort to a higher inflation rate to dilute the real value of debt.

The concept of transparency ,another trait expected a central bank to display ,is connected to that of credibility. A central bank that is not transparent in its decisions will ultimately lose credibility. That’s why many central banks produce quarterly reports, where they discuss the state of the economy and the trends in variables, such as money supply, securities markets, gross domestic product (GDP), employment, and prices.

In some cases, inflation targeting measured by credible entities may be self-fulfilling. If people believe that the central bank will reach its inflation target, they start to act accordingly. For example, workers may require wage increases, at least in line with the expected inflation target, which will ultimately lead inflation towards that level.

Though as indicated above certain events in the past had put CBN in bad light, the current governor of the apex bank has remained very proactive in his bid to return credibility ,independence and transparency to the bank .

The credibility and transparency of Cardoso led CBN have continued to drive the investors response to its Foreign Investment Portfolio. Analysts of Afrinvest Securities Limited confirmed this . ” The palpable increase in FPI is indicative of rising foreign investors confidence in the market and economy at large”.

“Overall, the CBN’s recent initiatives, coupled with the evolving market dynamics, suggest a potentially optimistic outlook for the Nigerian investment space. If these play out as planned by the CBN FPIs confidence should increase and inflows would come in,” the analysts added

The commitment and capability of the CBN Governor, Mr Olayemi Cardoso, to successfully cleared all the valid inherited backlog of $7bn in claims is a part of the attempt to deliver his inflation target at the end of the year and this has continued to generate confidence and credibilityaround the apex bank ..

“Clearance of the foreign exchange transactions backlog is part of the overall strategy detailed in last month’s Monetary Policy Committee meeting to stabilise the exchange rate and thereby curb imported inflation, spurring confidence in the banking system and the economy

By doing so, the CBN aims to bolster confidence in the banking system and stimulate economic growth.“We needed to go through an independent and credible process that would determine the authenticity of those obligations, and, at this point, I can tell you that we have now cleared all genuine, verifiable transactions. This encumbrance to market confidence in the country’s ability to meet its obligations is now totally behind us,” Cardoso declared.

Critical Weapons Deployed by CBN.

Cardoso has equally demonstrated his wealth of experience and skills deploying relevant weapons to achieve his goal . First , he engaged himself in tight monetary policy as he continued to jerk up the Monetary Policy Rate . The reason for this may not be far to seek . Lower interest rates are meant to help increase inflation, while higher interest rates are meant to be deflationary.   Analysis of efforts made to achieve this goal shows  CBN has not deviated from the above conventional wisdom. Recently, the Central Bank of Nigeria (CBN) again raised the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from 26.25% to 26.75%.

CBN Governor, Olayemi Cardoso, announced this after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja.The MPC also adjusted the asymmetric corridor around the MPR from +100 to -300 to +500 to -100 basis points.

Under CBN Governor Yemi Cardoso, the interest rate has been hiked by about 750 basis points from 18.75% to 26.25%. The MPC’s tightening stance is typically aimed at reducing liquidity to control inflation.

Analysts at Afrinvest Securities Limited, a Lagos-based investment house, said the CBN’s tough stance on inflation with constant hike in monetary rate resonated well with foreign investors.

Although higher interest rates tend to be negative for stocks, in theory, we believe the MPC’s vote to raise the interest rate by 600basis points to 24.75% between February and March 2024 was indicative of CBN’s tough stance on inflation and the need for currency stability, by extension’.

Also , changes in currency reserve requirements on deposits are another monetary policy tool used by him to control the number of loans in the economic system, which affects consumer purchases and, ultimately, inflation. In line with its goal of hitting the inflation target set for the year ,it increased its CRR to 45% .This is aimed at tightening naira liquidity while encouraging inter-bank trading activities as opposed to more credit to the public.

According to the CBN, CRR is expected to be done in a non-disruptive manner going forward. Noteworthy, a few Banks were slightly above 45% before the adjustment.

Cardoso said that sustained cash reserve requirement (CRR) debits had moderated liquidity in September and October 2023. He said liquidity in the entire banking sector has been significantly reduced to under N100 billion in November,” he said.

The above is a confirmation that CBN has not failed to control liquidity in order tame the rising inflation. The MPC, however, retained the Liquidity Ratio at 30%.

To further regulate liquidity and control the inflation, it also engaged in frequent OMO issuance . Open market transactions are also used to influence the level of prices, as they are meant to increase or decrease the money supply in the system. A higher (lower) money supply ⁰, other conditions held equal, is considered to be inflationary as a lower supply is deflationary.

 “Recently, an OMO auction was conducted by the apex bank, with a stop rate of 17.5 per cent for the one-year tenor, attracting an oversubscription of N350 billion,” he said. He also disclosed that the apex bank offered N108.1 billion worth of treasury bills with three tenors to the investing public, which can help reduce liquidity in the banking system and support government fundraising. Available data from the CBN states that the currency in circulation increased by 3.75 percent to N2. 76 trillion in September 2023 from N2. 66 trillion in the previous month. On a year-on-year basis, it declined by 14.6 percent.

A report by Afrinvest Securities Limited shows that activity in the money market significantly increased in the week that ended the month of November, as the CBN floated a series of OMO auctions as well as the scheduled T-bills primary market auction to curtail the expected boost to system liquidity from Federal Account Allocation Committee (FAAC) inflow (N405.6bn), coupon payment and maturing instruments.

To keep inflation in check , Cardoso has stabilized the exchange rate fairlly .The logic is that a stable currency means that import prices remain steady and do not contribute to inflation .

This may not be farfetched. High foreign exchange reserves can have both positive and negative effects on inflation . On one hand , having a large amount of foreign currency reserves can help stabilize a country ‘s currency and prevent it from depreciating rapidly . To achieve this stability,through various policies the Nigeria’s external reserves hit its all high level .recently . It surged to $34.66 billion, highest level in 13 months .

But high foreign exchange reserves can also lead to inflation . This can happen when a country ‘s central bank uses its reserves to purchase domestic currency , increasing the money supply and potentially causing inflation . Additionally , if a country has a large trade surplus and is constantly accumulating foreign reserves , it can lead to a stronger domestic currency , making imports cheaper and potentially leading to inflation .

Definitely these two instances are against the goal of Cardoso which is to regulate the supply of money to hit his inflation target .It is definitely not possible for him to work against this critical goal at hand .

Even the clearance of all the valid inherited backlog of $7bn in claims is a part of the attempt to deliver his inflation target at the end of the year and to restore credibility and confidence in the Nigerian economy.

 EFFECTS OF HIS EFFORTS

 However ,despite the above initiatives and actions taken by the CBN the challenge seems to getting tougher as the rate of inflation refuses to descend . Nigeria’s headline inflation In May 2024, according to the National Bureau of Statistics, increased to 33.95% relative to the April 2024 headline inflation rate, which was 33.69%. Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26% points when compared to the April 2024 headline inflation rate. On a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%. This shows that the headline inflation rate (year-on-year basis) increased in May 2024 compared to the same month in the preceding year.

On the contrary, on a month-on-month basis, the headline inflation rate in May 2024 was 2.14%, which was 0.15% lower than the rate recorded in April 2024 (2.29%). This means that in May 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in April 2024. This revealed that headline inflation in Nigeria remains on a steady rise .

Impacts of the Current Price Increases

Analysts say increases in the cost of operations may continue to creep into businesses’ profitability, and low purchasing power may continue to affect demand, which will also lower gross earnings. These effects will complement the FX revaluation losses and trigger a largely bearish market across board.”“The consequential hike in policy rate will keep rates elevated in the fixed income space, which mean higher cost of borrowing and increase debt servicing costs for government.

Effectively, all economic agents are and will continue to feel the hurting effects of rising inflationary pressures,” the analysts added.Mr. David Adonri of HighCap Securities, giving his perspective, said, “an Increase in the headline inflation rate in May 2024 may provoke a further hike in the interest rate.

As a result, more financial assets will migrate to debt than equities. The situation could hurt companies that are approaching the equities market for recapitalization. Generally, a rising inflation rate presents a picture of further deterioration in the economy, notwithstanding the remedial measures that the monetary authority is taking.”

Speaking further on the implications for the equities market, another analyst noted thst inflation is leading to higher interest, which makes bonds more attractive and equities less attractive ; higher inflation leads to lower corporate profits, less dividends and lower stock prices ;higher inflation leads to higher production costs, reducing corporate profit margins and stock prices ;stocks that are more sensitive to inflation, such as growth stocks, may perform poorly during periods of high inflation;value stocks, which are often less affected by inflation, may perform better during periods of high inflation while higher inflation can lead to increased stock market volatility, creating opportunities for traders.

He emphasised the point that a well-diversified stock portfolio can act as a hedge against inflation in the long run if companies are able to adjust to higher input costs by raising their own prices or switching to alternative inputs.

For Mr Oladipo Ajayi, Head, Fixed Income Desk, Chapel Hill Denham, it shows inflation is still on the increase, but the solace is in the rate of increase. He noted that analysts expected the figure to price above 34% but surprisingly printed 33.95%.

Mr. Seyi Akinbi, an investment analyst looking at the impact on the fixed-income market, described it as still negative.He said Investors would try to push for higher yields in the interim due to the negative real returns on their Fixed-Income Investments. “However, the CBN may be reluctant to make this possible due to the high cost of monetary tightening at the moment,” he added

 Then, what went wrong ?

The above developments have continued to raise some questions against the efficacy of inflation targeting as a strategy for taming the current inflation in Nigeria .Despite CBN’s brilliant initiatives and frantic efforts inflation continues to skyrocket . What actually went wrong ?

Some analysts blamed the above development on the heavy of money supply in the circulation. Despite the MPC’s tightening stance, which typically aims to curb excess liquidity in the economy to control inflation, the money supply has shown resilience.

Others blamed it on the continuous hike of the interest rate by the Monetary Policy Committee,MPC. These analysts believed the policy rate does not have to be kept high or positive in real terms.They claimed a high interest rate environment orchestrated by a high level of the monetary policy rate is hurtful to investment and growth that the regulatory authorities want achieve with inflation targeting.

CBN cannot be blamed for the continued growth in the rate of inflation. The apex bank deployed the tools for achieving the target set for inflation. However, excessess of fiscal authority ,the nature that import dependent as well as its monoproduct tendency in addition to large some of the money outside the banking system are the evils frustrating the CBN efforts .

What cannot be disputed by anyone is the negative impact of the ever increasing money supply on the current inflation growth. The consistent increase in M3 suggests underlying factors driving liquidity growth, potentially including government spending.

M3 has been on a steady rise, defying CBN’s tightening monetary policy efforts. Nigeria’s currency in circulation now exceeds N4 trillion in June 2024, first time in history

The latest data from the Central Bank of Nigeria (CBN) shows that the currency in circulation (CIC) reached a year-high of N4.05 trillion in June 2024, up by 56% from N2.6 trillion in the same month of the previous year.

The CIC comprises the currency outside the banking system and the vault cash of banks. For the first time in Nigeria’s history, the currency in circulation has surpassed N4 trillion, according to data from the CBN.

The month-on-month (MoM) growth rate was 2%, from N3.65 trillion recorded in May 2024.

We further observed that 94% of currency in circulation is outside the banking system, as cash outside banks hit a new high of N3.79 trillion. The currency outside banks has more than quadrupled over the past year.
In January 2024, Nigeria’s currency in circulation was N3.65 trillion, a 163% increase from N1.39 trillion in January 2023. This represents a staggering year-on-year growth of 163.3%. The currency outside banks followed a similar trend, with an increase of 314% from N792.18 billion in January 2023 to N3.28 trillion in January 2024.
February 2024 continued the upward trend with currency in circulation climbing by 276% to N3.69 trillion, compared to N982.1 billion in the same month of last year. The currency outside banks also increased substantially, reaching N3.41 trillion from N843.31 billion in the previous year, representing a 304.7% rise.
March 2024 saw the currency in circulation rise to N3.87 trillion, up from N1.68 trillion in the same month of 2023, indicating a year-on-year growth of 129.8%. The currency outside banks grew to N3.63 trillion from N1.45 trillion in March 2023, a 151.1% increase.
In April 2024, the currency in circulation further increased to N3.92 trillion, compared to N2.38 trillion in April 2023, a 64.9% year-on-year rise. The currency outside banks also saw an increase, reaching N3.61 trillion from N2.08 trillion the previous year, a 73.4% growth.
May 2024 continued the trend with the currency in circulation reaching N3.97 trillion, up by 56.9% from N2.53 trillion the previous year. The currency outside banks rose to N3.71 trillion from N2.18 trillion in the same month of 2023, marking a 70.4% growth.
June 2024 marked a historic milestone as the currency in circulation surpassed ₦4 trillion for the first time, reaching N4.05 trillion. The currency outside banks also saw an increase, reaching new high of N3.79 trillion from N2.26 trillion in the same month of the previous year, representing a 67.5% rise. The data for June highlights the continued expansion in liquidity and the preference for holding cash outside banks .
The high percentage of cash hoarding could be attributed to various factors, including public distrust in the banking system, inflation fears, and the preference for liquid cash in daily transactions.

This increase in currency circulation could have both positive and negative impacts on the economy. On the positive side, higher cash circulation might indicate increased economic activities and consumer spending. However, it also raises concerns about inflationary pressures, as more cash in the economy can lead to higher prices for goods and services.

The growth comes in the face of the Monetary Policy Committee’s (MPC) stringent measures aimed at controlling inflation.

The headline inflation rate in June 2024 surged from 33.95% in May 2024 to 34.19% in June, and it was 11.40%-points higher compared to June 2023, rising from 22.79%.

On a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, an increase of 0.17 %-points from May 2024’s rate of 2.14%.

Nigeria, which has been grappling with inflationary pressures, may see a further increase in inflation rates if the growth in money supply is not matched by a corresponding increase in production. This can erode purchasing power and impact the cost of living, particularly for lower-income households.

Emem Usoro, CBN’s Deputy Governor, Operations Directorate, in her personal statement at the MPC meeting in January 2024 noted that: “Notably, broad money and inflation have moved almost in tandem as broad money supply (M3) expanded by 18.25% at the end of January 2024. This growth was ascribed to a rise in other deposits, transferable deposits, and securities other than shares, by 26.55%, 4.73%, and 99.98%, respectively.“

From the asset side, Net Domestic Asset (NDA) contributed significantly to broad money growth while Net Foreign Asset (NFA) subdued growth in broad money. The steady rise in inflation has resulted in negative real interest rates.” She also said that inflationary pressures may persist in the near term partly due to several factors, such as the lingering impact of PMS adjustments, import costs, exchange rate , and growth in money supply.

 Cardoso said the committee was mindful of the effect of rising prices on households and businesses and expressed its resolve to take necessary measures to bring inflation under control.

During the MPC meeting held in March this year, Olayemi Cardoso, Governor of the CBN, said that government purchases of palliatives are a contributing factor to rising food prices in Nigeria.Cardoso stressed the importance of combining monetary policy with fiscal measures and structural reforms, especially in agriculture, electricity, and energy sectors. These steps are crucial for long-term investment and sustainable economic growth in Nigeria.

But the continuous hiking of the interest rate by the Monetary Policy Committee,MPC targeted at driving down the rising inflation is considered very puzzling by some analysts particularly  when the economy is contracting and can do with liquidity boost. Their  belief is that  MPC decisions have been disconnected from economic realities   and urge that steps be taken to ensure a reconnect.

Analysts explained that “while the CBN Act created the Monetary Policy Committee (MPC) with a dual mandate as follows: to ‘facilitate the attainment of the objective of price stability and to support the economic policy of the Federal Government’, the MPC tends to wrongly claim the first of the two mandates as its primary mandate””There is a need for the MPC to pay more attention to the second mandate, especially now that the Federal Government is embarking on an urgent Economic Growth and Recovery Plan”. According to them ,to support economic growth and recovery, “the MPC must ease its policy stance by cutting the monetary policy rate in an orderly manner to such a low level that will provide the much needed liquidity support for investment and sustained growth”.

Then, What is the Way out ?

The rise in money supply despite the MPC’s tightening measures highlights the complexities of monetary policy management. The current trend suggests that other factors, such as increased government spending are contributing to the growth in the money supply.

Nigeria is battling one of its worst economic crises in recent times, with rising living and energy costs, sparked by the twin policies of the government’s removal of petrol subsidy and unification of the foreign exchange windows in May 2023.

The only way out is to tame the money supply, diversified the economy,discourage importation and increase productivity

However , taming money supply must be done with great dexterity. This is because increasing in money supply is like a double-edged sword . The rise in money supply typically indicates increased liquidity in the financial system, which can stimulate economic growth.

With more money circulating in the economy, businesses may find it easier to access credit for expansion and investment. This can lead to higher production, job creation, and overall economic development.

Additionally, the increase in money supply can boost consumer spending, driving demand for goods and services and encouraging further economic activity.

However, a significant increase in money supply also has the potential to fuel inflation. When more money chases the same amount of goods and services, prices tend to rise.

Consequently, CBN is expected to appropriately regulate the currency in circulation that will not stifle the investment and growth or lead to inflation as it is currently.

For Nigeria not to see a further increase in inflation rates the growth in money supply is expected to be matched by a corresponding increase in production

The President Bola Tinubu administration alongside governors in the 36 states has since rolled out a number of palliative measures but Nigerians continue to be lamentably hurt by the severe impact of inflation as the prices of food commodities and basic products multiply uncontrollably.

Analysts observed that there is a current challenge of getting the MPC to adopt a policy stance that is supportive of increased investment for economic recovery and growth in the short term.

They believed the gesture gets more speculative when the savings in question are foreign portfolio inflows. “The MPC ‘feels that there was the need to continue to encourage the inflow of foreign capital into the economy by continuing to put in place incentives to gain the confidence of players in this segment of the foreign exchange market, one of these analysts declared.

They explained that sacrificing economic recovery and growth for reversible portfolio inflows that may never arrive is too much costs to the economy. The policy stance ,they said ,should be eased to give growth a chance.

They observed that Nigeria’s foreign investment policy must be recalibrated away from preoccupation with volatile and easily reversible portfolio inflows towards harder to reverse diaspora and foreign direct investment inflows.

As opposed to tighten policy they observed that the economic recovery should currently be the overriding consideration for monetary policy, and the MPC should set a threshold for GDP growth.

To them inflation should currently not be a consideration for monetary policy decision because it is cost-pushed, and would taper off by itself. Cost push inflation are transitory. It is the demand-pulled inflation that are persistent. As such, it is only demand-pulled inflation that calls for policy tightening. The MPC has acknowledged the benign outlook of inflation in the medium term, this should provide a basis for doing more for the economic recovery objective.

Also , they believed ensuring that the policy rate is positive in real terms to attract savings should never be a consideration for setting monetary policy rate (MPR) because the MPR is an overnight rate that should define the intercept of the upward sloping yield curve.

It is some of the longer maturity interest rates along the yield curve that should be higher than the expected inflation rate to deliver positive real interest rates to savers, but short maturity rates like the MPR should not be expected to be higher than the expected inflation rates. Other countries’ experiences currently show that it is not even necessary for the policy rate to be positive at all, much less positive in real terms.

Finally , it was noted that FPI inflows should not be a consideration for monetary policy. MPC should leave private banks, bond and equity traders to attract FPI and concentrate on using MPR to regulate liquidity and provide support for growth.

Conclusion

To achieve the goal of inflation targeting the  government must make anti-inflationary policy fully credible by reducing inflationary expectations and thereby minimize the loss of output needed to carry them through.

K The first priority is to remove from politicians the temptation to give the economy a short term stimulus, by removing the means: i.e. by making central banks independent.  There is evidence that the greater independence won by central bank in New Zealand and Canada   years ago , combined with explicit inflation targets, has helped to dampen inflationary expectations and to hold down wage demands. Both countries   reduced inflation and  enjoy the rewards: output has grown

,The present scenario notwithstanding and in spite of the June 2024 uptick in inflation, CBN believed “prices are expected to moderate in the near term as monetary policy gains further traction in addition to further measures by the fiscal authority to address food inflation.

Meanwhile ,Cardoso has announced September 23 and 24 as the next meeting of the MPC