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Economic and Financial Review

Authors

M. Hugman

Publisher

Central Bank of Nigeria

Keywords

Inflation targeting, Nigeria, Monetary policy

Abstract

This article examines inflation with reference to Nigeria. As an emerging market environment. Part one outlines briefly the underlying mechanisms of inflation-management and general approaches to inflation targeting. Part two focuses on issues that specifically relate to inflation targeting (IT) in emerging markets, including the possible macroeconomic impact of the transition process. Part three considers the sequence and timing of the transition to IT in Nigeria, on the shift in exchange rate management required to achieve long-term price stability. Additionally, Nigeria-specific challenges are also addressed. The paper concludes by noting that both the time frame and coordination for a successful transition will be considerable, and that the Financial Sector Strategy 2020 will be the critical vehicle for achieving this.

Author Bio

Dr Mike Hugman was at the time of going to press a staff of Standard Chartered Bank Plc. (Nigeria).

Issue

45

Volume

4

Recommended Citation

Hugman, M. (2007). Towards Inflation Targeting Framework for Monetary Policy in Nigeria: the challenges for Central Bank of Nigeria. Economic and Financial Review, 45(4), 165-188

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