CBN Pushes for Single-Digit Inflation Target Amid Global Shocks as Nigeria Defends Economic Reforms
Nigeria’s economic managers are standing firm on their long-term goal of achieving single-digit inflation, even as global instability and fresh domestic price pressures continue to challenge progress. Central Bank of Nigeria (CBN) Governor Olayemi Cardoso reaffirmed this position at the IMF and World Bank Spring Meetings in Washington, insisting that ongoing reforms are strengthening the country’s resilience against external shocks.
His comments come at a time when inflation data shows a mild uptick. According to the National Bureau of Statistics (NBS), Nigeria’s headline inflation rose to 15.38 per cent in March 2026 from 15.06 per cent in February. While this marks the first increase in a year, economic managers say it is a temporary adjustment driven largely by global supply disruptions rather than a reversal of progress.
Cardoso stressed that Nigeria’s reform programme remains on track despite global pressures, including rising geopolitical tensions in the Middle East, which have pushed up energy, shipping, and commodity prices worldwide. He noted that recent policy changes have improved Nigeria’s ability to absorb external shocks and maintain macroeconomic stability.
Across the broader economy, officials argue that structural reforms—including exchange rate adjustments, tighter monetary policy, and improved foreign exchange management—are beginning to restore investor confidence. The CBN also highlighted stronger diaspora remittances, estimated at about $23 billion annually, as a key buffer supporting foreign exchange liquidity and stabilising the naira.
While the International Monetary Fund (IMF) has acknowledged Nigeria’s reform progress, it also warned that global risks remain elevated, particularly for oil-importing countries facing rising food and energy costs. Still, Nigerian authorities insist that the path forward is clear: maintain policy discipline, deepen reforms, and stay committed to bringing inflation down to single digits in the medium term.
source: The sun