The Central Bank of Nigeria (CBN) has been at the forefront of the country's efforts to curb inflation and restore economic stability. Despite the shocks of economic reforms and global economic disruptions, the CBN's measures have helped keep inflation within manageable limits in Nigeria throughout 2024.

The CBN's Bold Policy Measures

In 2024, the CBN implemented several bold policy measures to combat inflation. These measures included:

1. Raising the Monetary Policy Rate (MPR): The CBN raised the MPR by a cumulative 875 basis points to 27.50%. This increase in interest rates helped reduce consumption and investment, thereby curbing inflationary pressures.

2. Increasing the Cash Reserve Ratio (CRR): The CBN increased the CRR of Other Depository Corporations by 1,750 basis points to 50.00%. This move reduced the amount of cash available for banks to lend, thereby reducing the money supply and inflationary pressures.

3. Adjusting the Asymmetric Corridor: The CBN adjusted the asymmetric corridor around the MPR to further regulate the money supply and inflationary pressures.

These measures demonstrated the CBN's commitment to maintaining price stability and ensuring economic growth.

Nigerian commentators have praised the CBN's efforts in curbing inflation. According to an article in The Nation newspaper, the CBN's measures have helped reduce inflationary pressures and stabilize the naira. The article notes that the CBN's efforts have been instrumental in keeping inflation within manageable limits, despite the challenges posed by economic reforms and global economic disruptions.

International commentators have also commended the CBN's efforts in curbing inflation. The Africa Report notes that the CBN's bold policy measures have helped reduce inflationary pressures and stabilize the economy. The report praised the CBN's efforts, stating that the Bank has been successful in keeping inflation within manageable limits, despite the challenges posed by global economic disruptions.

The World Bank has also endorsed the CBN's efforts in curbing inflation. In a recent report, the World Bank praised the CBN's measures, stating that they have been instrumental in reducing inflationary pressures and stabilizing the economy. The report notes that the CBN's efforts have been successful in keeping inflation within manageable limits, despite the challenges posed by economic reforms and global economic disruptions.

The Central Bank of Nigeria's efforts in curbing inflation throughout 2024 are commendable. The CBN's bold policy measures, including raising the MPR, increasing the CRR, and adjusting the asymmetric corridor around the MPR, have helped reduce inflationary pressures and stabilize the economy. As the CBN continues to implement measures to control inflation, it is essential for the government to support these efforts through fiscal policy measures.