Nigeria’s apex bank vows to control rising inflation

LAGOS (Xinhua) – Nigeria’s apex bank said it will continue to apply monetary policy tools to control the rising inflation.

Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, said this in the bank’s 2018 financial stability report made available to Xinhua in Lagos yesterday.

The west African country’s inflation increased to 11.24 per cent in September 2019, rising by 0.22 per cent points compared to that in August, according to the latest inflation report released by the National Bureau of Statistics (NBS). Emefiele said the central bank’s commitment was necessary following anticipation of increase in inflation in the coming months.

He said that the bank would continue to intensify efforts at strengthening the existing synergy between the fiscal and monetary authorities.

On the Gross Domestic Product (GDP), Emefiele said its growth rate sustained upward trend, largely driven by strong performance in the non-oil sector.