Nigeria’s Inflation Still 35–40% — Ex-CIBN President

“And for me, it is not improving. If inflation drops in society, it will reflect on the general public. You go to the market; you should be able to buy one orange for N5, not buy one orange for N15. So, these are the issues,”

Dr Okechukwu Unegbu, former President of the Chartered Institute of Bankers of Nigeria (CIBN), has disputed the latest inflation figures released by the National Bureau of Statistics (NBS), putting Nigeria’s headline inflation at between 35 and 40 per cent.

The NBS had on Monday reported a decline in headline inflation to 14.43 per cent in July 2026, according to its latest Consumer Price Index (CPI) report.

However, Unegbu said the official figures did not adequately reflect the economic realities confronting Nigerians, particularly the prices of goods and services in markets and at points of transaction.

He argued that inflation could only be said to be declining if the reduction was reflected in the purchasing power and living standards of ordinary Nigerians.

“For me, the inflation that is dropping is neither here nor there. It doesn’t make sense to me because, for me, it is still construed,” he said.

Unegbu said inflation should be assessed based on how Nigerians were coping with the rising cost of living, including their ability to afford basic commodities and essential services.

“This is what I say: Inflation is based on looking at the public spread – how people are living. What is the standard of living like? Okay, were you able to buy your fuel, let’s say, N600 per litre?” he asked.

He maintained that the alleged decline in inflation had yet to translate into cheaper goods and improved living conditions.

“And for me, it is not improving. If inflation drops in society, it will reflect on the general public. You go to the market; you should be able to buy one orange for N5, not buy one orange for N15. So, these are the issues,” he said.

The former CIBN president said his assessment of inflation, based on records kept by his team, remained significantly higher than the NBS figure.

“So, inflation, for me, the dropping does not make sense. We keep our own record, and our own record says inflation is still high in Nigeria. So, my figure is far more, up to 35–40 per cent,” Unegbu added.