•Calls for strengthening of CBN’s autonomy
With continued monetary tightening, Nigeria’s headline inflation could gradually decline to 24 per cent by the end of the year, the International Monetary Fund (IMF) has projected.
Nigeria has faced runaway inflation that hit 33.3 per cent in March 2024. April’s figures are not ready but experts expected the inflation rate to remain high.
The IMF, in a report released after its Executive Board 2024 Article IV consultation with Nigeria, expressed satisfaction with the policy reforms of the present administration, which it described as ambitious.
The board also recommended strengthening the independence of the central bank while calling for caution regarding the planned amendment of the Central Bank of Nigeria (CBN) Act to avoid weakening the apex bank’s autonomy.
The IMF commended the government’s actions to rein in inflation and restore market confidence, stressing the…
Source: Guardian Newspaper
