Business
Inflation: Expert Tasks CBN On Appropriate Monetary Policy

Sequel to recent increase in inflation figure published by the National Bureau of Statistics (NBS), a financial expert, Mr Emmanuel Atama, has appealed to the Central Bank of Nigeria (CBN) to use appropriate monetary policy tool to check rising inflation rate in the country.
He said that it was only through such decisive monetary control instrument that the rising inflation rate in the country could be controlled.
Atama,who is the Executive Secretary of the National Cooperative Financing Agency of Nigeria (CFAN) in an interaction with airport correspondents, recently, posited that all hands must be on deck to reverse the trend in the interest of citizens and the economy of the country.
“I am more concerned about the purchasing power of ordinary Nigerians who could only do little with their meagre resources in the event of the hike in inflation, as their resources will do little for them and their household.
“It will now amount to counter productive efforts, no matter the things put in place; as conditions of living may tighten.
“It is time to use appropriate monetary policy tool to bring the situation to check, for the sake of the ordinary Nigerians and the economy, and the Central Bank should lead in this direction”, he said.
The National Bureau of Statistics had on February 18, this year released a report, stating that the country’s inflation rate rose from 11.98 percent as at December 2019 to 12.3 percent in January 2020.
According to the report, consumer price index that measured inflation increase by 12.3 percent which was 0.15 percent higher than the rate recorded in December last year, also showed that the current rate as compared to others in the last 21 months, is the highest so far.
Corlins Walter