Abuja, Nigeria – The Central Bank of Nigeria affirmed its commitment to drive inflation into single digits (6-9%) through inflation-targeting framework, marking a shift to transparent, rules-based monetary policy after slashing headline rate from 34.8% in late 2024 to 15.1% by early 2026.
Okay News reports CBN Deputy Governor Economic Policy Dr. Muhammad Abdullahi at March 18 Nigerian Economic Society engagement: “The transition to an inflation-targeting framework marks a significant shift toward a transparent, forward-looking, and rules-based monetary policy system anchored in long-term price stability,” serving as nominal anchor against global shocks like geopolitical tensions and energy volatility.
Key reforms underpin progress: orthodox tools replaced quasi-fiscal interventions, FX unification with electronic platforms improved price discovery, banking recapitalization strengthened stability, and fiscal coordination enhanced credibility—yielding February 2026’s 15.06% CPI per NBS.
Dr. Victor Oboh, Monetary Policy Director, stressed academic collaboration for public trust and communication shaping expectations, while NES President Dr. Baba Yusuf Musa pledged support: “Nigeria needs a credible Central Bank, and the Nigerian Economic Society needs a Central Bank worth standing with.”
Sustained tightening, anchored expectations, and institutional discipline position medium-term single-digit success barring external disruptions, as CBN withdraws from financing gaps to prioritize price stability fostering investment by lowering risk premia.
Participants from universities and think tanks endorsed the pivot as essential for macroeconomic credibility amid Nigeria’s reform momentum.
