CBN targets single digit inflation

Nigeria “will get back” to single digit inflation, the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele has declared. In an interview with Arise Television, Emefiele explained that with the improvement seen in growth from the negative 1.7 per cent in the last quarter of last year to the negative 0.5 per cent in the first quarter of 2017, the inflation target “is achievable in the course of time”.

Explaining further, he said: “In 2017, with the improvement we have seen in growth, from the negative 1.7 per cent in the last quarter of last year to the negative 0.5 per cent in the first quarter of this year. We have seen exchange rate stability with some of the actions we have taken in the last couple of months. We do expect that if this trend continues, we should get better.

“Firstly, with inflation trending downwards, we are hopeful that in the course of time, we will get back again to single digit inflation. On inflation, the CBN had a target of six to nine per cent, unfortunately, it grew to 18.8 per cent and I am happy it is coming down, and I am hopeful it will continue to get better. We looked at the foreign exchange market, and today we have ensured that forex is not N500/$1. It is now between N360 and N370/$1 and we will ensure it gets even better from where it is right now”.

“We want more people to invest in the economy, and that was why we introduced the Investors’ & Exporters’ Window. We want forex market that will be determined by demand and supply. It has helped in forex flow and led to the appreciation in the Naira we are seeing today,” the CBN boss added.