The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso said Nigeria’s current Consumer Price Index is reflective of the reality of consumption patterns.
Cardoso made this known on Thursday during a press briefing at the end of the 299th Monetary Policy Meeting in Abuja.
His comments came as Nigeria’s inflation rate dropped to 24.48 percent after the CPI was rebased.
Reacting to the development, Cardoso insisted that the apex bank will continue to work with data to drive its decisions.
He noted that the recent CPI rebase is good for the country’s economy.
“As far as the Central Bank is concerned, we are data-driven. That will continue. Our decision matrices will be focused accordingly.
“Of course, what we have is a CPI which is more reflective of the reality of consumption patterns. And that is a good thing.
“The previous one took account of black and white television, for example, we all know it is no longer relevant,” he stated.
Earlier, the MPC agreed to retain Nigeria’s interest rate at 27.50 percent, and other parameters remained unchanged.
