CBN Targets Single-Digit Inflation Amid Economic Reforms

The Central Bank of Nigeria (CBN) has set a target for single-digit inflation, marking a significant shift in its monetary policy approach. This announcement was made by Dr. Muhammad Abdullahi, the Deputy Governor in charge of Economic Policy, during a session on March 18, 2026, in Abuja.

The CBN noted a sharp decline in headline inflation from 34.8% in late 2024 to 15.1% in early 2026, attributed to sustained monetary tightening and improved policy discipline. The new framework aims to strengthen policy credibility and stabilize prices in the long term, serving as an anchor for the Nigerian economy.

The CBN also highlighted ongoing global uncertainties, including geopolitical tensions and volatile energy prices, which necessitate a credible monetary anchor. Dr. Victor Oboh emphasized that achieving the inflation target relies on sustained policy discipline and public trust.

The Nigerian Economic Society, represented by Dr. Baba Yusuf Musa, expressed support for the CBN's reform efforts to stabilize the economy.