• Insists Old Banknotes Will Be Phased Out January 31
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is optimistic the country’s inflation rate would decelerate steadily from next year, dropping to below 15 per cent before end of 2023.
Emefiele stated this in Lagos, on Friday, at the 57th yearly bankers’ dinner. He admitted that the country’s inflation was worrisome, but noted that several economies, including some African countries, were worst than the trend in Nigeria.
“We are confidence of sustained period of disinflation in the coming months,” the governor said, pointing out that efforts made to boost supply side factors had started yielding results.
He said the monetary framework would remain tight, but responsive to “evidence-based facts” about the economy. He added that the monetary decisions would be supportive of the real sector to drive growth and create jobs.
Emefiele said the global economic outlook in the coming year remained bleak. He was, however, positive about Nigeria’s short-term growth prospect.
According to him, Nigeria’s economic growth has demonstrated the resilience of the non-oil sector, which is supported by supportive policies of both monetary and fiscal policies.
The chief regulator spoke extensively about the naira redesign, concluding that the exercise, whether “it is repainting and redesign” is producing the designed results.
He insisted that the deadline for phasing out the old banknotes remains January 31 and advised those hoarding cash in old notes to take them to banks for new ones.
Emefiele called for “innovative decision-making” to diversity the economy and insulate it from external shocks, adding that the country needs “radical responses to abnormal episodes”.