Cardoso: We Won’t Stop Until Inflation Hits Single Digit

The Central Bank of Nigeria (CBN) has said it will maintain a tight monetary policy stance until inflation is decisively curbed, reaffirming that achieving a single-digit inflation rate remains its top priority.

CBN Governor, Mr. Olayemi Cardoso, made the declaration on Tuesday during a media briefing in Abuja following the conclusion of the 301st meeting of the Monetary Policy Committee (MPC).

At the meeting, the MPC voted to retain the Monetary Policy Rate (MPR) at 26.25 per cent in a bid to sustain the disinflationary momentum recorded in recent months.

Cardoso noted that while headline inflation showed a marginal decline in June—after peaking at 33.95 per cent in May—the fight against inflation is far from over.

“The battle against inflation is far from over. Although we’ve started to see early signs of moderation, the MPC is of the view that tight monetary conditions must be sustained to fully anchor expectations and drive inflation toward desired levels,” he said.

He warned against relaxing monetary policy prematurely, stressing that easing too soon could reverse recent gains. “We will stay the course until inflation is brought down to levels that support investment, productivity, and long-term economic stability,” he said.

Reiterating the Bank’s broader vision, Cardoso said single-digit inflation remains a central objective of the CBN’s monetary framework. “Our commitment is clear: we are working toward single-digit inflation. We know this is essential for sustainable growth, investor confidence, and social stability,” he stated.

He added that inflation targeting remains at the heart of the Bank’s strategy, and assured Nigerians that the CBN would continue to align its policies with global best practices to achieve price stability.