Inflation in Nigeria for 2024 has exceeded the Central Bank of Nigeria’s (CBN) target of 21.40%, sparking concerns about the country’s economic stability and the effectiveness of current monetary policies. According to recent data, inflation has continued its upward trajectory, reaching levels that are higher than expected, despite efforts by the CBN to bring it under control.
The surge in inflation is primarily driven by rising food prices, supply chain disruptions, and currency fluctuations, all of which have had a significant impact on the purchasing power of Nigerians. The high cost of living, particularly in urban areas, has placed a financial strain on households, leading to calls for more targeted interventions to address the root causes of inflation.
The CBN had initially set a target of 21.40% inflation for 2024, aiming to curb the rising cost of goods and services through a combination of monetary tightening and policy adjustments. However, the latest inflation figures show that the rate has surpassed this target, prompting questions about whether the CBN’s current approach is sufficient to stabilize the economy.

“Inflation exceeding the CBN’s target is a worrying sign. The persistent rise in food and energy prices, coupled with the devaluation of the Naira, is contributing to a loss in real income for Nigerians. Immediate policy adjustments are necessary to address these inflationary pressures,” said an economist in a recent interview.
The CBN has responded to rising inflation by raising interest rates in an effort to control money supply and curb inflationary pressures. However, analysts suggest that further rate hikes may have limited effectiveness in the face of persistent structural challenges in the economy, such as poor infrastructure, a lack of domestic production, and the vulnerability of the Naira to global market fluctuations.
Nigerians are feeling the effects of inflation in their daily lives, particularly in the cost of food, transportation, and housing. Many have expressed concerns about how the rising cost of living is affecting their ability to meet basic needs, with some turning to alternative sources of income to make ends meet.
In response to the inflation crisis, experts are calling for a more comprehensive approach that goes beyond monetary policy. This includes increased investment in agriculture, infrastructure development, and diversification of the economy to reduce reliance on imports and improve local production capacity.
While the CBN is expected to continue monitoring inflation closely, the persistent rise in prices may require more aggressive interventions, including fiscal policies that address the root causes of inflation. As Nigeria navigates these economic challenges, the government and central bank will need to collaborate on strategies that stabilize prices and ensure long-term economic growth.
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