Nigeria’s inflation rate stands at 40% – Ex-CIBN president counters NBS
Dr Okechukwu Unegbu, former President of the Chartered Institute of Bankers of Nigeria, CIBN, has disagreed with the latest inflation figures released by the National Bureau of Statistics, NBS. According to him, Nigeria’s headline inflation is between 35 and 40 per cent. Recall that the NBS on Monday released its Consumer Price Index, CPI, and inflation report […] Nigeria’s inflation rate stands…
Former president of the Chartered Institute of Bankers of Nigeria, Dr Okechukwu Unegbu, has disputed the latest inflation figures released by the National Bureau of Statistics, NBS. According to Unegbu, Nigeria's headline inflation stands between 35 and 40 percent. This differs from the NBS's recent report, which stated that the headline inflation had dropped to 14.43 percent in July 2026.
Unegbu believes the NBS's CPI data may not accurately reflect the situation in markets and during transactions for Nigerians. He emphasized that inflation has not significantly improved in Nigeria. Unegbu pointed out that the improvement in reported inflation does not necessarily mean a better standard of living for the public. For instance, if fuel was sold at N600 per litre, a significant drop in its price should be reflected in everyday purchases, such as an orange costing N5 instead of N15.
Unegbu maintains that the NBS's inflation drop is "conceived" and that Nigeria's own records indicate a much higher inflation rate, potentially reaching 35-40 percent. He stated his figure to DAILY POST.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
