Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on Saturday reiterated that the goal of the Bank remains to achieve single-digit inflation.
Emefiele disclosed this at a roundtable session titled, “Going for Growth,” with private sector operators in Lagos.
The meeting had in attendance Governor of Lagos State, Mr. Babajide Sanwo-Olu; President of the Dangote Group, Alhaji Aliko Dangote; founder of Zenith Bank Plc, Mr. Jim Ovia; Chief Atedo Peterside and CEOs of banks and other leading private sector organisations.
Inflation rate in the country stood at 11.37 per cent as of April 2019.
But Emefiele, in his remark at the event said: “While we are delighted that we have been able to fight inflation down to very low double digits, we believe it is still too high for the Nigerian economy. Our goal is to moderate it down to single digits.
“More also, we need to keep in mind that Nigeria’s high interest regime reflects not only the cost of capital, but also the cost of doing business in the country.”
He cited example with a typical bank branch in the country which provides its own security with sometimes permanent police presence, its own electricity supply with several generators, diesel tanks and inverters and its own broad band internet services.