The Central Bank of Nigeria says it is still gunning for single-digit inflation, insisting that taming prices is the bedrock of the country’s economic-reform drive.
A CBN statement released on Saturday said Deputy Governor Muhammad Abdullahi, who oversees Economic Policy, told members of the Nigerian Economic Society and university researchers in Abuja that the Bank’s medium-term target of 6–9 per cent “remains firmly on course.”
Abdullahi described the shift to an inflation-targeting regime as key to anchoring expectations, shoring up credibility, and giving investors a macro environment they can trust. The framework, he said, is transparent and forward-looking, helping the Bank keep price pressures in check while guiding markets.
He pointed to concrete gains: headline inflation has fallen from 34.8 per cent at the end of 2024 to 15.1 per cent in early 2026. He linked the drop to persistently tighter monetary policy, better coordination with the fiscal side, and a return to orthodox tools.
The Deputy Governor stressed that the CBN has stepped back from quasi-fiscal operations and reinforced its operational autonomy—steps he called vital for public trust.
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On foreign exchange, Abdullahi said merging the exchange-rate windows and rolling out e-trading platforms have curbed volatility and lifted transparency. Bank recapitalisation and tighter prudential rules have also helped steady the financial system.
He admitted that hitting single digits will still demand dogged policy follow-through and the ability to absorb shocks such as swings in global energy prices or geopolitical flare-ups.
Earlier, the CBN’s Director of Monetary Policy, Victor Oboh, urged closer teamwork between the Bank and academics to sharpen research and modelling capacity.
