Nigeria’s apex bank says it’s doubling down on a smarter, more transparent strategy to bring inflation under control.
The Central Bank of Nigeria has reaffirmed its push toward a full inflation-targeting monetary policy, aimed at delivering long-term price stability and boosting investor confidence.
Speaking at a policy session in Abuja, CBN Deputy Governor, Muhammad Abdullahi, described the shift as a major step toward a more transparent and rules-based system that can better manage economic shocks.
He said inflation targeting would act as a strong anchor for the economy—helping to stabilise prices, guide market expectations, and support long-term investments.
According to him, ongoing reforms—including tighter monetary policy, foreign exchange market adjustments, and stronger financial oversight—are already yielding results, with inflation dropping from 34.8% in late 2024 to 15.1% in early 2026.
The CBN is now aiming to bring inflation down to a single-digit range of 6–9% in the medium term.
Also speaking, Victor Oboh stressed the importance of collaboration with researchers and institutions like the Nigerian Economic Society to strengthen policy credibility and public trust.
NES President, Baba Musa, praised the CBN’s reform drive, describing it as bold and necessary for economic stability.
With global uncertainties still looming, the apex bank says staying disciplined and transparent will be key to keeping inflation in check.
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