The Central Bank of Nigeria (CBN) has assured that inflation rate would continue to trend downward in the country.

CBN Governor, Yemi Cardoso, gave the assurance at the ongoing annual meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington.

He said downward trend, in the near term, was supported by tight monetary conditions, a stable Naira, and increased food supply.

Nigeria’s inflation rate has dropped for six months straight, hitting 18.02 per cent in September, its lowest point in three years.

Cardoso cited new data, released by the National Bureau of Statistics (NBS), which said that core inflation, slowed to 19.53 per cent, while food inflation, moderated to 16.87 per cent over the same period.

He said the sustained decline, marked a significant reversal from the inflationary peak of 34.19 per cent in June 2024.

He said it reflected the impact of the apex bank’s decisive monetary policy actions, to restore price stability and anchor expectations.

“In response to those pressures, the CBN raised its Monetary Policy Rate (MPR) from 18.75 per cent to 27.50 per cent, through a sustained tightening cycle..

“It also increased the Cash Reserve Ratio (CRR) to 50 per cent for commercial banks and 16 per cent for merchant banks.

“At its September meeting, the CBN eased slightly, lowering the MPR by 50 basis points, to 27.00 percent and the CRR for commercial banks to 45 percent, while maintaining a firm anti-inflationary stance.

“Monetary tightening was complemented by reforms in the foreign exchange market, including exchange rate unification and enhanced transparency to improve price discovery in the market,” he said.

The CBN governor said the Naira had since stabilised, with the spread between the official and Bureau de Change (BDC) rates, narrowing to below two percent.

He said improved liquidity in the FX market had helped to reduce the pass through imported inflation, and reinforced price stability.

“Foreign reserves remain above 43 billion dollars, providing more than eleven months of forward import cover, supported by sustained forex inflows,” he said.

He expressed the CBN’s commitment to strengthening the disinflation trend, supported by a combination of exchange rate stability and durable improvements in food supply.

He said continued moderation in petroleum product prices would also help in strengthening disinflation.

The House of Representatives has summoned the Central Bank of Nigeria (CBN) and major commercial banks to explain the rising wave of arbitrary and unexplained deductions from customers’ accounts across the country.

This followed the adoption of a motion of urgent national importance moved by Hon. Tolani Shagaya (APC, Kwara) during plenary on Tuesday.

Shagaya expressed concern over what he described as “incessant, arbitrary, and unexplained charges” imposed by banks despite existing CBN guidelines regulating financial service fees.

He noted that while banks are expected to provide essential services at fair and transparent costs, many customers continue to experience multiple deductions — including SMS alert fees, card and account maintenance charges, transfer fees, stamp duties, and other unexplained debits — some of which are duplicated or unjustified.

“These exploitative practices disproportionately affect businesses, low-income earners, students, and vulnerable groups already struggling amid harsh economic realities,” Shagaya said. “If not urgently investigated and addressed, they will continue to erode public trust in the banking system and undermine financial inclusion efforts.”

Adopting the motion, the House directed the CBN to publish a simplified list of approved bank charges and impose strict sanctions on banks violating its regulations.

Lawmakers further urged the apex bank to establish an accessible and efficient complaints redress mechanism for customers affected by illegal or excessive charges.

The House also mandated the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant agencies to embark on nationwide consumer education campaigns to enlighten Nigerians about their rights regarding bank fees.

The Committees on Banking Regulations and Banking Institutions were tasked with conducting a comprehensive investigation and reporting back within four weeks for further legislative action.

The Federal Competition and Consumer Protection Commission has commended the Central Bank of Nigeria’s proposed directive, which mandates banks to refund customers for failed Automated Teller Machine transactions within 48 hours.

In a statement on Monday signed by its Director of Corporate Affairs, Ondaje Ijagwu, the Commission described the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria as a timely and long-awaited intervention that aligns with ongoing efforts to protect consumers in the financial services sector.

The draft guideline, released last week, follows the FCCPC’s Consumer Complaints Data Report published in September 2025, which revealed that the banking and fintech industries accounted for the largest volume of consumer complaints nationwide.

The statement read, “The Federal Competition and Consumer Protection Commission welcomes the Central Bank of Nigeria’s draft guidelines requiring all banks to refund customers for failed Automated Teller Machine transactions within 48 hours. Punch/DL