• Home
  • News

    New Naira Notes Scarcity: Workers’ January Salary Hang in Banks

    FG unveils Road Map on Ageing

    Stakeholders brainstorm on improving Nigeria’s energy transition plan

    Banks Will Accept Old Notes Sfter Deadline – Emefiele Tells Reps

    Peace Corps Train Officers Ahead Of Buhari’s Assent To Bill

    Brighton beat holders Liverpool 2-1 in FA Cup

    Brighton beat holders Liverpool 2-1 in FA Cup

    Osimhen scores as Napoli defeat Roma 2-1

    Osimhen scores as Napoli defeat Roma 2-1

  • Politics
  • Security
  • Opinion
  • Sports
  • Technology
  • About Us
  • Contact Us
No Result
View All Result
9jaYarn
  • Home
  • News

    New Naira Notes Scarcity: Workers’ January Salary Hang in Banks

    FG unveils Road Map on Ageing

    Stakeholders brainstorm on improving Nigeria’s energy transition plan

    Banks Will Accept Old Notes Sfter Deadline – Emefiele Tells Reps

    Peace Corps Train Officers Ahead Of Buhari’s Assent To Bill

    Brighton beat holders Liverpool 2-1 in FA Cup

    Brighton beat holders Liverpool 2-1 in FA Cup

    Osimhen scores as Napoli defeat Roma 2-1

    Osimhen scores as Napoli defeat Roma 2-1

  • Politics
  • Security
  • Opinion
  • Sports
  • Technology
  • About Us
  • Contact Us
No Result
View All Result
9jaYarn
No Result
View All Result

Make clear policy decisions to control inflation, IMF tells Nigeria

October 12, 2022

The International Monetary Fund (IMF) has advised Nigeria and other countries to make clear policy decisions for price stability amid rising inflationary pressures. The Bretton Wood institution said Nigeria’s inflation rate would moderate to 19 percent this year and drop to 17 percent in 2023, reflecting on the monetary policy actions of the Central Bank of Nigeria (CBN). The institution said this on Tuesday at its headquarters in Washington while unveiling the October 2022 Global Financial Stability report, “Financial Stability in the New High-Inflation Environment”.

The IMF said central banks need to act resolutely to bring inflation back to target and avoid a de-anchoring of inflation expectations, which would damage their credibility. It added that the global economic outlook had deteriorated materially since the April 2022 Global Financial Stability Report (GFSR). “A number of downside risks have crystallised, including higher-than-anticipated inflationary pressures, a worse-than-expected slowdown in China on the back of COVID-19 outbreaks and lockdowns, and additional spillovers from Russia’s invasion of Ukraine. As a result, the slowdown of the global economy has intensified,” the report said. In Nigeria, the consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 20.52 percent in August 2022 — the highest since October 2005.

At the last policy-setting meeting, Godwin Emefiele, governor of the apex bank, said the monetary policy committee (MPC) would continue “to aggressively hike rates to fight the upward reign of inflation”. “Clear communication about policy decisions, commitment to price stability, and the need for further tightening will be crucial to preserve credibility and avoid market volatility,” IMF added. “Exchange rate flexibility helps countries adjust to the differential pace of monetary policy tightening across countries. In cases where exchange rate movements impede the central bank’s monetary transmission mechanism and/or generate broader financial stability risks, foreign exchange intervention can be deployed.

Such interventions should be part of an integrated approach to addressing vulnerabilities as laid out in the IMF’s Integrated Policy Framework. “Emerging and frontier markets should reduce debt risk through early engagement with creditors, multilateral cooperation, and international support. For those in distress, bilateral and private sector creditors should coordinate on preemptive restructuring to avoid costly defaults and prolonged loss of market access. Where applicable, the group of Twenty Common Framework should be used.” Despite facing an unusual challenging financial stability environment, IMF advised Nigeria and other nations to strike a “balance between containing these potential threats and avoiding a disorderly tightening of financial conditions”.

USING NON-CONVENTIONAL INSTRUMENTS TO TAME INFLATION Speaking at a press conference, Pierre-Olivier Gourinchas, economic counsellor and the director of research of the IMF, said the rapid rise in prices, especially for food, is causing big issues for global economies, including Nigeria.

Share74Tweet46Send
Emem Unwana

Emem Unwana

Related Posts

Business

New Naira Notes Scarcity: Workers’ January Salary Hang in Banks

February 2, 2023

Fears mount as many Nigerian public and private salary workers have continued to run out of patience in their scrambling for new naira cash either via over-the-counter or at ATMs nationwide. Reports showed that many workers had received their...

Lifestyle

FG unveils Road Map on Ageing

February 1, 2023

The National Senior Citizens Centre (NSCC) has launched its Strategic Roadmap on Ageing 2022 to 2032 and the National Plan Action on Ageing in Nigeria and Project Activities 2021 to 2025 respectively.The Director-General of NSCC, Dr Emem Omokaro said...

News

Stakeholders brainstorm on improving Nigeria’s energy transition plan

January 31, 2023

Stakeholders in the nation’s energy sector gathered in Abuja on Tuesday to brainstorm on ways of improving the energy transition plan, using green hydrogen to boost power supply.It was organised by German Government, African Network for Solar Energy and...

Business

Banks Will Accept Old Notes Sfter Deadline – Emefiele Tells Reps

January 31, 2023

Nigerians with old notes can still deposit them at commercial banks even after the February 10 deadline, this is according to the Central Bank Governor, Godwin Emefiele. Emefiele stated this on Tuesday while appearing before the House of Representatives...

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Business (68)
  • Career (32)
  • Editorial (1)
  • Entertainment (22)
  • Fashion (1)
  • Health (31)
  • Infographics (2)
  • International (17)
  • Lifestyle (25)
  • News (477)
  • Opinion (20)
  • Politics (90)
  • Security (114)
  • Sports (45)
  • Technology (18)
  • Travel (12)
  • Uncategorized (28)
  • Wazobia (1)

Popular

  • ADEBOWALE YEMI AND HIS HATCHET MAN’S JOB ON BICHI

    243 shares
    Share 97 Tweet 61
  • Anambra State Governor ‘Moves Against IPOB’, Declares Curfew in 7 LGAs

    185 shares
    Share 74 Tweet 46
  • Nigeria’s contract with Peseiro, new Super Eagles coach

    185 shares
    Share 74 Tweet 46
  • Socioeconomic Devt – Expert harps on activism hinged on discipline

    186 shares
    Share 74 Tweet 47
  • WILL AYU RESIGN AFTER THE EMERGENCE OF ATIKU ABUBAKAR AS THE PDP FLAG BEARER

    185 shares
    Share 74 Tweet 46
4
2
1
6

  • 9jayarn
  • Privacy Policy
  • Contact Us
  • About Us

© Copyright 2022 9jayarn

No Result
View All Result
  • Home
  • News
  • Politics
  • Security
  • Opinion
  • Sports
  • Technology
  • About Us
  • Contact Us