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The Central Bank of Nigeria (CBN) has reiterated its unwavering commitment to bringing inflation down to single digits, emphasizing that tight monetary policies will remain in place until the objective is fully achieved.
Speaking at a post-meeting briefing in Abuja on Tuesday, CBN Governor Mr. Olayemi Cardoso underscored the resolve of the apex bank following the conclusion of the 301st Monetary Policy Committee (MPC) meeting.
At the meeting, the MPC unanimously agreed to maintain the Monetary Policy Rate (MPR) at 26.25 percent—an effort aimed at sustaining the recent downward trend in inflation.
Cardoso acknowledged that headline inflation eased slightly in June after surging to 33.95 percent in May. However, he emphasized that more progress is needed to achieve long-term price stability.
“The battle against inflation is far from over. While early signs of moderation are encouraging, the MPC believes that maintaining a tight monetary stance is essential to anchor expectations and steer inflation towards sustainable levels,” he stated.
He cautioned against any premature loosening of monetary policy, warning that such a move could undermine the gains recorded so far. “We remain focused and will not relent until inflation is brought to levels conducive to investment, productivity, and long-term macroeconomic stability,” he added.
Highlighting the Bank’s broader economic vision, Cardoso reaffirmed that achieving single-digit inflation is central to the CBN’s policy strategy. “Our commitment is unwavering—we are working toward single-digit inflation because it is critical for sustainable economic growth, investor confidence, and social well-being,” he noted.
He also emphasized that inflation targeting remains a core pillar of the Bank’s policy framework, assuring the public that the CBN will continue to align with global standards in pursuit of price stability.
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