Nigeria’s apex bank has set its sights on bringing inflation down to between 6 and 9 per cent over the medium term, even as it acknowledges that external pressures could slow progress.
Following a high-level interaction between the Central Bank of Nigeria and the Nigerian Economic Society with academics on March 18, 2026, this path was exposed. The move marks a move toward a more disciplined and clear-cut monetary policy structure geared towards price stability.
Dr Muhammad Sani Abdullahi, Deputy Governor for Economic Policy, said the plan is intended to shape market expectations and increase trust in the economy. He pointed out that getting steady prices depends on consistent policy discipline and institutional credibility.
Recent figures indicate early benefits from ongoing reforms; inflation fell significantly from 34.8 per cent in late 2024 to 15.1 per cent in early 2026. Tighter monetary policies and internal changes within the bank have been connected to the fall.
The News Chronicle understands that the CBN’s broader reform push, including foreign exchange market adjustments, bank recapitalisation efforts, and a return to conventional policy tools, is aimed at stabilising the economy and restoring investor confidence amid global uncertainties, including energy price swings and geopolitical tensions.
Officials also stressed the importance of collaboration with researchers and institutions to strengthen communication and ensure the success of the inflation targeting framework.
