Despite global instability, the Central Bank of Nigeria (CBN) remains confident that it can bring inflation down to single digits by early 2027.
Speaking at the end of the 306th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, CBN Governor Olayemi Cardoso stated that the committee was encouraged by the moderation in headline inflation, even though the pace of the decline has been modest.
The apex bank has retained the interest rate at 26.5 per cent for the second time this year, citing the recent resurgence of hostilities in the Middle East.
Nigeria’s headline inflation rate eased slightly to 15.91 per cent in June, down from 15.93 per cent in May, according to the National Bureau of Statistics (NBS).
The country experienced a downward trend in inflation throughout 2025 and into 2026, until conflict in the Middle East triggered a global oil price surge in February. Subsequently, Nigeria’s headline inflation rate rose for three consecutive months, reaching 15.38 per cent in March, 15.69 per cent in April, and 15.93 per cent in May.
