The Central Bank of Nigeria (CBN) says headline inflation slightly declined between June and July, attributing the drop to monetary tightening and exchange rate unification.
The Acting Director, Corporate Communications and Investor Relations Department, Mrs Hakama Sidi Ali, disclosed this at the CBN Fair held on Thursday in Lokoja, Kogi State. She was represented by Mr Zubairu Abdulrahman Salihu, Branch Controller, CBN Lokoja.
The fair, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” is one of the platforms the apex bank uses to engage the public on its policies and initiatives, she said.
Salihu noted that under the leadership of Mr Olayemi Cardoso, the CBN’s management has maintained monetary and price stability, adding that the moderate decline in inflation, growth in foreign reserves, and stability in the foreign exchange market show these efforts are yielding results.
Quoting the National Bureau of Statistics, he said headline inflation dropped from 15.91 percent in June 2026 to 15.43 percent in July 2026, with core and food inflation also easing over the period.
He said the spread between official and Bureau de Change rates has narrowed by two percent, while foreign reserves remain above $52.5 billion as of July 2026 — a 17-year high that surpasses the CBN’s yearly target.
The bank urged Nigerians to respect and maintain the cleanliness of the Naira, warning against spraying, hawking, mutilating or counterfeiting the currency.
Also speaking, Kogi State Governor Ahmed Usman Ododo described the fair as being about people, opportunity and development, not just banking technology. He pledged support for digital financial literacy, rural financial access, MSME development, agricultural finance, youth entrepreneurship and consumer protection initiatives.
