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

The NBS, in its Consumer Price Index and inflation report for July 2026, reported that Nigeria’s headline inflation had declined to 14.43 per cent.

However, Unegbu argued that the figure does not accurately reflect the economic realities faced by Nigerians, particularly the rising cost of goods and services.

According to the former CIBN president, inflation should be measured not only through official statistics but also by examining the standard of living and what Nigerians can actually afford in the market.

He said the reported decline in inflation had yet to translate into meaningful relief for ordinary Nigerians.

Unegbu pointed to the prices of basic commodities and fuel, questioning whether Nigerians were experiencing any significant reduction in their cost of living.

He maintained that if inflation were genuinely declining, the improvement should be evident in the prices Nigerians pay for everyday goods.

The former banker said his own assessment puts Nigeria’s current inflation rate between 35 and 40 per cent, insisting that the official figures do not adequately capture the economic hardship being experienced across the country.