CBN aims to lower inflation to single digits
The Central Bank of Nigeria (CBN) has announced plans to reduce inflation to single digits as part of a new monetary policy approach. During an engagement with the Nigerian Economic Society and academics in Abuja, Dr Muhammad Abdullahi emphasized the importance of this shift. The CBN highlighted several reforms already underway, including changes to monetary policy and the foreign exchange market. Dr Victor Oboh and Dr Baba Yusuf Musa also voiced support for the new direction.
TLDR
- The CBN is transitioning to an inflation-targeting monetary policy framework.
- At a session on March 18, 2026, Dr Muhammad Abdullahi said the new approach aims for a single-digit inflation range of 6–9 per cent.
- Headline inflation dropped from 34.8% in late 2024 to 15.1% by early 2026, according to the CBN.
- Nigeria’s headline inflation rate was 15.06% in February 2026, per the National Bureau of Statistics.
- The CBN credits reforms like monetary tightening, policy discipline, and improved banking sector stability for these results.
