IMF urges CBN to Maintain Tight Monetary Policy to Check Inflation
Written by Joey Shekwonuzhibo on April 12, 2023
The International Monetary Fund IMF, yesterday, advised the Central Bank of Nigeria CBN, to maintain its monetary policy-tightening mood in order to cage inflation, which jumped to 21.91 per cent as of February.
The Washington-based institution, in its World Economic Outlook WEO, released yesterday, retained Nigeria’s Gross Domestic Product GDP growth projection for 2023 at 3.2 per cent.
Speaking at a press briefing to unveil the WEO at the on-going IMF World Bank Spring meetings in Washington DC, Division Chief, Research Department, IMF, Daniel Leigh, says although Nigeria’s economic forecast is one of the most stable for 2023, the country is an economy with very high inflation.
Speaking on the projection for Africa’s economy during the media briefing, Chief Economist and Director Research Department, IMF, Pierre-Olivier Gourinchas, noted that inflation for the region was still high, even as he forecasted a gradual decline for the region.