CBN Aims for Single-Digit Inflation, Says Governor Olayemi Cardoso

CBN Aims for Single-Digit Inflation, Says Governor Olayemi Cardoso

The Central Bank of Nigeria (CBN) is targeting a reduction of inflation to single digits in the medium to long term, according to Governor Olayemi Cardoso. 

Speaking in Abuja after the 299th Monetary Policy Committee (MPC) meeting, Cardoso addressed the recent rebasing of the Consumer Price Index (CPI), which has adjusted Nigeria’s inflation rate from 34.8 percent to 24.8 percent. He noted that the new figures better reflect the country's economic reality and align with global best practices.

Despite this positive shift in inflation rates, the MPC decided to maintain the current Monetary Policy Rate (MPR) to ensure sustained economic stability. Cardoso stated, “As always, we are data-driven. What we have is a CPI which is more reflective of the consumption pattern. To that extent, one commends the NBS for bringing this to reality