The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said monetary policies of the Central Bank of Nigeria (CBN) to combat inflation should be commended.
Naija News reported that Yemi Cardoso-led CBN monetary policy of increasing interest rates was condemned by the Manufacturers Association of Nigeria (MAN). The association said raising interest rate was killing the manufacturing sector.
However, Edun, while speaking at CBN’s Monetary Policy Forum on Friday praised the apex bank’s policies, noting that it would restore credibility to the nation’s monetary framework.
In a statement from the Ministry’s spokesman, Mohammed Manga, the Minister reaffirmed President Bola Tinubu’s commitment to coordinated fiscal and monetary policies.
Speaking on the theme ‘Managing the Disinflation Process’, he stated that the bank’s policies were addressing the nation’s monetary challenges and inflation.
He explained that the transformation of the foreign exchange regime has shifted from an opaque system of preferential allocations to a more transparent and efficient market mechanism. This, he noted, has improved investor confidence and provided rating agencies with a clearer view of Nigeria’s economic landscape.
On inflation, the Minister expressed strong support for the CBN’s commitment to curbing inflation and maintaining economic stability.
He also highlighted the importance of data consistency across key government institutions to ensure accurate economic indicators and greater transparency.
Edun stressed the need for structural reforms, particularly in agriculture, to boost food supply and ease inflationary pressures.
He underscored the importance of policy consistency, warning that uncertainty undermines market confidence.
The Minister of Finance assured his support for the CBN’s policies, emphasizing that a coordinated approach between fiscal and monetary authorities was essential for Nigeria’s long-term economic stability and growth.
“With a coordinated approach between fiscal and monetary authorities, Nigeria is poised to overcome its economic challenges and emerge as a strong and competitive economy,” he said.
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