Abstract
This study investigates the linkage between Consumer Price Index indicators and financial deepening in Nigeria within the time range of 1961 to 2022. Autoregressive Distributed Lag Model is employed, and the study discovers that monetization ratio (BMR) and bank development (CPSGDP) significantly and moderately added to the rate of inflation within the studied period. This resulted from the elasticity of consumer price index to financial deepening activities in Nigeria. It is therefore recommended that appropriate inflation mitigants be introduced along with financial deepening policies so as contain the prejudicial impact of inflation on the financial system.