The Central Bank of Nigeria (CBN) was given a recommendation by the International Monetary Fund (IMF) to continue tightening monetary policy in order to contain inflation, which soared to 21.91 percent as of February.
The Washington-based organization maintained Nigeria’s Gross Domestic Product (GDP) growth prediction for 2023 at 3.2% in its World Economic Outlook (WEO) headlined, “A Rocky Recovery”.
Tobias Adrian, director of the IMF’s monetary and capital markets department, made a passing reference to the significance of combating inflation at a separate briefing to introduce the Global Financial Stability Report.
In addition, the IMF kept its WEO prediction for Nigeria’s GDP growth for 2023 at 3.2%. However, it was anticipated that global growth would slow from 3.4% in 2022 to 2.8% this year and expand to three per cent in 2024.