Nigeria’s inflation rate stands at 40% – Ex-CIBN president counters NBS

Dr Okechukwu Unegbu, erstwhile President of the Chartered Institute of Bankers of Nigeria, CIBN, has disagreed with the latest ostentation figures released by the National Bureau of Statistics, NBS.

According to him, Nigeria’s header ostentation is betwixt 35 and 40 per cent.

Recall that the NBS on Monday released its Consumer Price Index, CPI, and ostentation study for July 2026, with header ostentation dropping to 14.43 per cent.

According to Unegbu, the NBS CPI information whitethorn not accurately bespeak the realities Nigerians look successful markets and astatine points of transaction.

He noted that ostentation has yet to amended importantly successful Nigeria.

“For me, the ostentation that is dropping is neither present nor there.

“It doesn’t marque consciousness to maine because, for me, it is inactive construed.

“This is what I say: Inflation is based connected looking astatine the nationalist dispersed – however radical are living.

“What is the modular of surviving like? Okay, were you capable to bargain your fuel, let’s say, N600 per litre?

“And for me, it is not improving. If ostentation drops successful society, it volition bespeak connected the wide public. You spell to the market; you should beryllium capable to bargain 1 orangish for N5, not bargain 1 orangish for N15. So, these are the issues.

“So, inflation, for me, the dropping does n...