Independent
The Correspondents’ Chapel of the Nigeria Union of Journalists, Akwa Ibom State Council has observed that most of the CBN policies, either expansionary or retractive, on monetary policies, have not proved effective in curbing inflation in Nigeria.
The Chapel made the observation in a communique issued Thursday at the end of a 4-day Retreat/Chapel Week at Roses Regency Hotel and Suites, Wuye, Abuja, on the theme: 2023: IN SEARCH OF A BETTER NIGERIA THROUGH RESPONSIBLE JOURNALISM.
The Communique jointly signed by Chairman of the Chapel, Comrade Idongesit Ashameri and Chairman of the Communique drafting Committee, Dr Joe Effiong drew strength from a lecture on “The Place of the Media in Shaping Monetary Policies for Better Economy, by Prof. Uche Uwaleke, Chairman, Chartered Institute of Bankers of Nigeria;
The chapel after intensive deliberations on the CBN policies therefore opined that such policies cannot work in controlling cost-push inflation because of the high cost of production such as diesel, gas, transportation, energy, as well as insecurity
It however called on the Central Bank of Nigeria to ensure prompt release of adequate and timely information to the media for onward distillation to the public. It further warned the media against inflammatory headlining of stories on monetary economy.
“That since the extent to which the public understanding of the CBN Monetary Policy is dependent on the quality and quantity of information made available to the media, the CBN should ensure that it provides the media with adequate and timely information for onward distillation to the public”
“That the media should guard against alarmist or inflammatory headlining of stories on monetary and economic policies of the nation so as not to cause panicky activities in the economy, which could lead to avoidable rise in inflation…
