By Mary Onyia
The Central Bank of Nigeria (CBN) says it is working to bring inflation down to between 6% and 9% by adopting a new, clearer way of managing the economy. The bank’s Deputy Governor for Economic Policy, Muhammad Abdullahi, said this during a meeting with the Nigerian Economic Society (NES) and academics in Abuja.
He reportedly explained that the new approach, called inflation targeting, will help guide expectations, reduce sudden price shocks, and make the bank’s decisions more transparent and predictable. According to him, keeping inflation stable will lower risks, encourage long-term investments, and help policymakers focus on long-term growth instead of short-term problems.
Abdullahi added that recent reforms are already supporting this plan. These include a return to standard monetary policies, reduced involvement in non-core activities, and improvements in the foreign exchange market such as unifying exchange rates and introducing electronic trading. He said these steps have helped cut inflation sharply from 34.8% in late 2024 to 15.1% in early 2026.
Other CBN officials and economists at the meeting reportedly praised the reforms and promised continued cooperation. The bank said it will keep working closely with experts and maintain discipline in its policies to achieve stable prices and a stronger economy, as long as there are no major global shocks.
With Additional Reports from the Vanguard