This study examined inflation control through the application of central Bank of Nigeria (CBN) credit instruments. The study seeks to identify factors responsible for high inflation rate in order to make recommendations on the best measures that may be useful for effective policy on inflation control. Employing the survey research method, the study used questionnaire instrument to generate the primary data needed. The generated data were further subjected to Chi-square inferential statistical test. The test showed that credit control measures developed by the Central Bank of Nigeria. (CBN) do not significantly impact on price stability and Central Bank of Nigeria (CBN) has not impacted significantly in checkmating inflation excessiveness in Nigeria. The study recommends that monetary authorities should adopt policy measures that will exert a long lasting impact on prices.