The Central Bank of Nigeria (CBN) says it remains committed to bringing inflation down to single digits by early 2027, despite fresh global shocks that have slowed the country’s disinflationary trend.
CBN Governor Olayemi Cardoso said the apex bank had initially expected Nigeria to be firmly on course to achieve single-digit inflation by early 2027 after recording 11 consecutive months of disinflation.
He, however, said renewed geopolitical tensions and higher global energy pressures had lasted longer than anticipated, creating fresh risks to the inflation outlook.
Cardoso said the expectation by 2027 is that the country would be where it should be in terms of inflation and firmly on track for single digits.
Nigeria’s headline inflation moderated marginally to 15.91 per cent in June 2026 from 15.93 per cent in May, according to figures presented at the MPC briefing.
However, the improvement was not broad-based.
Food inflation rose to 17.52 per cent in June from 16.96 per cent in May, reflecting supply constraints in major food-producing areas and higher transportation costs.
Cardoso said the slight moderation in headline inflation nevertheless showed that previous monetary policy measures were beginning to have an effect.
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