The exercise paralysed activities at the apex bank. - Sarah Alade

The monetary policy of the Central Bank of Nigeria in recent times has continued to focus on achieving price and financial stability for economic growth and development. The persistent inflation in the last one year is an issue of concern.

The best way to ensure the desired economic growth and low inflation is economic diversification with a broadening of the revenue base. Reducing the import dependency will also help to curb the demand for dollar; thereby reducing general inflationary pressure.

Key global trends such as Brexit, the rising wave of populist and anti-globalization sentiments anchored by emerging bilateralism, divergent monetary policy stance of the advanced central banks and disorderly commodity price movements will also affect monetary policy at home. These global developments coupled with domestic factors will make monetary policy management very difficult this year. Based on these, monetary policy management in Nigeria must be diligent and collaborative to achieve its objectives of price stability in the home front.