The paradox of inflation-targeting refers to persistence of high inflation rates despite the implementation of prudent monetary policies aimed at price stabilization. This study investigates this paradox in Nigeria by analyzing historical inflation data from 1960 to 2023 using an autoregressive moving average (ARMA) modeling approach. Utilizing time-series data from the World Bank, inflation (consumer prices, annual %) is modeled as the dependent variable, while autoregressive (AR) and moving average (MA) components serve as independent variables. Parameter estimation using conditional least squares (CLS) reveals that the AR(1) coefficient (0.817480) is positive and statistically significant, indicating that approximately 82% of past inflationary effects persist over time. Meanwhile, the MA(2) coefficient (-0.448447) is negative and statistically significant, suggesting that about 45% of past shocks contribute to short-term inflation adjustments. The estimated ARMA(1,2) model is found to be covariance stationary and invertible, confirming its reliability for forecasting inflation trends. Projections indicate a gradual decline in inflation, with rates expected to decrease from 22.7% in 2024 to approximately 17.7% by 2045. However, this reduction remains marginal, as inflation rates persist in double digits, highlighting the limitations of inflation-targeting policies in achieving long-term price stability. The study recommends integrating inflation-targeting with broader fiscal and structural reforms to enhance monetary policy effectiveness and ensure sustainable inflation control in Nigeria.