The Acting Director, of the Banking Supervision Department of the Central Bank of Nigeria (CBN), Dr Adetona Adedeji, has affirmed the bank’s decision to prioritize combating inflation over tackling rising unemployment rates.
He said this on the second episode of the CBN Talk podcast, which was uploaded to the bank’s YouTube page on Friday.
During his talk, Adedeji emphasized that the central bank’s primary goal is to curb inflation, acknowledging the potential for impacts in other areas.
He said:
Adedeji further explained the difficulties of simultaneously addressing both inflation and unemployment.
He underscored the importance of prioritizing inflation control, suggesting that managing inflation effectively leads to more stable conditions for discussing economic growth.
He said:
The CBN’s decision reflects a strategic choice in policy direction, focusing on stabilizing the economy’s general price levels before addressing job creation and unemployment issues. This approach indicates the bank’s commitment to ensuring long-term economic stability and growth by first tackling the more immediate threat of inflation.