The Central Bank of Nigeria has said it is all out to tackle rising inflation in Nigeria.
The acting director of the Banking Supervision Department of
CBN, Dr Adetona Adedeji, disclosed this on Friday on the bank’s second episode
of the talk podcast on its YouTube page.
He affirmed the bank’s decision to prioritise combating
inflation over tackling rising unemployment rates.
During his talk, Adedeji emphasised that the Central Bank’s primary goal is to curb inflation, acknowledging the potential for impacts in other areas.
“The ultimate objective is for us to combat inflation. That
is what the central bank is doing today. Whatever it takes to fight inflation,
we are going to do that. It may have some impact in some areas.
“We can’t fight two things at the same time. There will be
trade-offs. If you are fighting inflation, you can’t fight unemployment
simultaneously. Even if you fight unemployment, it cannot reach the desired
level. So, you have to choose either to fight inflation or unemployment. These
two are macroeconomic objectives that are very critical to the development of
the economy.
“But we are saying if we are talking of economic growth, it
is because the economy is still relevant and available, which is why you are
talking of economic growth. But if you look at an economy hit by inflation, you
will not even talk of economic growth.
“So, it is essential that we concentrate and fight
inflation. By bringing inflation down, we start talking of economic growth,” he
said.
Meanwhile, despite the CBN consistently raising interest
rates, which stood at 24.75 per cent in March, the country’s inflation
increased to 33.20 per cent in the same month.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com