Ex-CIBN chief says Nigeria inflation 35-40%, rejects NBS 14.43%

Dr Okechukwu Unegbu, former president of the Chartered Institute of Bankers of Nigeria, rejected the National Bureau of Statistics' July 2026 inflation figure of 14.43%, asserting that actual headline inflation lies between 35% and 40% based on lived market realities. He argued that the NBS CPI does not reflect what Nigerians experience when buying fuel at ₦600 per litre or paying ₦15 for an orange that should cost ₦5, indicating a severe erosion of purchasing power; this gap between official stats and everyday prices affects financial planning, wage negotiations, and trust in economic data. Unegbu said his own records track inflation at the higher level, urging citizens and businesses to consider market prices rather than relying solely on official reports when budgeting, investing, or negotiating salaries; monitor local market trends and adjust expectations accordingly. He told DAILY POST that the dropping inflation figure makes no sense because inflation should be visible in the public spread—how people live—and noted that if inflation truly fell, market prices would reflect that relief, which they do not.

SOURCE: https://dailypost.ng/2026/08/18/nigerias-inflation-rate-stands-at-40-ex-cibn-president-counters-nbs/