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 for July 2026, with headline inflation dropping to 14.43 per cent.

According to Unegbu, the NBS CPI data may not accurately reflect the realities Nigerians face in markets and at points of transaction.

He noted that inflation has yet to improve significantly in Nigeria.

“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.

“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?

“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.

“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,” he told DAILY POST.