The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has said he intends to work towards ensuring that the rate of inflation within Nigeria comes down to just a single digit within the next five years.
Emefiel made this known while unfolding his policy road map for the CBN for his second term.
The CBN Governor said “We will work with other stakeholders and we shall bring down the cost of food items which has considerable weight in the Consumer Price Index basket.
“Our ultimate objective is to anchor the public’s inflation expectation at single digits in the medium to long-term.
“We believe that a low and stable inflationary environment is essential to the growth of our economy because it will help support long-term planning by individuals and businesses.
“Such will also help to lower interest rates charged by banks to businesses thereby facilitating improved access to credit and corresponding growth in output and employment,” he said.
Emefiele said that macro-economic stability was key to supporting improved Growth Domestic Product (GDP) growth and greater private sector investment.
“The bank will leverage monetary policy tools in supporting a low inflation environment, while seeking to maintain stability of the exchange rate,’’ he said.