Central Bank’s Plan To Cut Inflation Is Spot On – Wale Edun Declares

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has praised the Central Bank of Nigeria’s (CBN) monetary policies aimed at tackling inflation, stating they deserve commendation.....KINDLY READ THE FULL STORY HERE▶

The Yemi Cardoso-led CBN’s decision to raise interest rates faced criticism from the Manufacturers Association of Nigeria (MAN), which argued that the move was stifling the manufacturing sector.

However, speaking at the CBN’s Monetary Policy Forum on Friday, Edun defended the apex bank’s approach, asserting that it would restore credibility to Nigeria’s monetary framework.

In a statement issued by the Ministry’s spokesperson, Mohammed Manga, Edun reaffirmed President Bola Tinubu’s dedication to aligning fiscal and monetary policies for economic stability.

Addressing the theme ‘Managing the Disinflation Process,’ the Minister stated that the CBN’s measures were effectively tackling monetary challenges and inflation.

He highlighted the transformation of Nigeria’s foreign exchange system, shifting from a preferential allocation model to a more transparent and efficient market-driven mechanism. This, he noted, has boosted investor confidence and enhanced Nigeria’s economic credibility among rating agencies.

Expressing strong support for the CBN’s anti-inflation stance, Edun emphasized the need for structural reforms, particularly in agriculture, to increase food supply and reduce inflationary pressures.

He also stressed the importance of data consistency across government institutions to ensure accurate economic indicators and transparency.

The Finance Minister further underscored the necessity of policy consistency, warning that market uncertainty weakens investor confidence.

Reiterating his backing for the CBN’s monetary strategies, Edun emphasized that close coordination between fiscal and monetary authorities was crucial for Nigeria’s long-term economic growth and stability.