The Central Bank of Nigeria Governor, Godwin Emefiele, says he will bring inflation to single digit within the next five years.
Emefiele made the promise in Abuja on Monday during a press briefing on his policy road map in his second term.
The News Agency of Nigeria reports that the inflation rate dropped to 11.4 per cent as at May.
He said that CBN, under his leadership, would ensure that monetary policy measures would be geared towards containing inflationary pressures.
Emefiele said that he would also support improved productivity in the agricultural and manufacturing sectors.
He stressed that he would strive to continue to sustain a positive interest rate regime to the delight of the bank’s important stakeholders.
According to Emefiele, the decisions of the Monetary Policy Committee on inflation and interest rates will depend on data on key economic variables.
He said: “We will work with other stakeholders and we shall bring down the cost of food items which has considerable weight in the Consumer Price Index basket.
“Our ultimate objective is to anchor the public’s inflation expectation at single digits in the medium to long-term.
“We believe that a low and stable inflationary environment is essential to the growth of our economy because it will help support long-term planning by individuals and businesses.
“Such will also help to lower interest rates charged by banks to businesses thereby facilitating improved access to credit and corresponding growth in output and employment.”
Emefiele said that macro-economic stability was key to supporting improved Growth Domestic Product growth and greater private sector investment.
He said: “The bank will leverage monetary policy tools in supporting a low inflation environment, while seeking to maintain stability of the exchange rate.”