The Central Bank of Nigeria (CBN) has said inflation has slightly dropped due to monetary tightening and exchange rate unification between the month of June and July this year.
The Acting Director, Corporate Communications and Investor Relations department of the Apex Bank , Mrs Hakama Sidi Ali disclosed this at the CBN Fair on Thursday in Lokoja, the capital of Kogi state.
The CBN Fair with the theme: ‘Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development’ is aimed at emphasising the connections essential to the desired monetary, price, and financial system stability.
According to the Acting Director the Fair is one of the Apex Bank’s platforms strategically designed to engage the public on the Bank’s policies and initiatives.
She added that the objective of the fair is to promote sustainable economic growth and development in the country, as it creates an avenue to hear from stakeholders on more ways to improve Nigerians’ lives and livelihoods.
The Acting Director, Corporate Communications and Investor Relations Department who was represented by Mr. Zubairu Abdulrahman Salihu, Branch Controller, CBN, Lokoja noted that under the leadership of Mr. Olayemi Cardoso, the Bank’s management maintained monetary and price stability, including performing other critical functions that has started yielding results.
Mrs Ali noted that the moderate decline in inflation, the ongoing growth in our foreign reserves, and the current stability in the foreign exchange market indicate that these endeavours are already yielding positive results.
She said: ‘The latest data from the National Bureau of Statistics indicates that headline inflation slightly decreased from 15.91% in June 2026 to 15.43% in July 2026.
‘Core and food inflation also eased over the same period, reflecting the effects of disciplined monetary tightening, exchange rate unification, and improved market transparency
‘The Naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing by 2 per cent. Nigeria’s foreign reserves remain above US$52.5 billion as of July 2026, marking a 17-year high and surpassing the CBN’s yearly target.’
The bank therefore encourages Nigerians and others ‘ to respect the Naira and maintain its cleanliness’, stressing: ‘Do not spray, hawk, mutilate, or counterfeit the Naira. It is not only Nigeria’s vital national symbol but our collective pride as a nation’.
Earlier, the Branch Controller, CBN, Lokoja who was represented by Mr. Friday Abah stated that Kogi state is strategically positioned to benefit from the opportunities presented by digital finance, as the transit corridor linking Northern and Southern Nigeria and an emerging commercial hub.
‘I therefore encourage entrepreneurs, farmers, artisans, students, business owners, and members of the public to take full advantage of the information, exhibitions, and engagements available throughout this Fair’, he said.
However, governor Ahmed Usman Ododo described the CBN Fair as more than a conversation about banking technology or payment platforms, but about people, opportunity and development.
The governor promised to support initiatives that will promote digital financial literacy, rural financial access, MSME development, agricultural finance, youth entrepreneurship, digital government transactions, and consumer protection.
‘Alternative channels such as agent banking, mobile money, POS services, USSD, digital wallets, QR-code payments and electronic banking provide important opportunities to reach underserved and rural communities,’ he said.