That is true, but in my view the much more important point is that capital flows and exchange rate changes did not compromise the conduct of monetary policy, which remained relatively expansionary, consistent with the needs of the economy at the time. Had we been in the world of fixed exchange rates, we would not have been able to set policy in that way.
For the rest of 2018 and towards mid2019 Nigeria’s rate of inflation is projected to rise slightly to about 11.4 percent and then moderate thereafter; • Exchange Rate: Though the CBN has so far managed to maintain exchange rate stability, the current capital flow reversals from emerging markets is expected to continue to exert considerable pressure on market rates.