Nigeria's central bank left its benchmark interest rate unchanged on Thursday after six hikes last year, saying that it was reassured by stability in the foreign exchange market and saw inflation gradually falling.

Nigeria’s headline inflation rate dropped to 24.48% year-on-year in January 2025, following the rebasing of the Consumer Price Index (CPI),

Nigeria's annual inflation rate stood at 24.48% in January, the statistics agency said on Tuesday, well down from the previous month's figure after the country's price index was rebased for the first time in more than a decade.

NBS also said that the food inflation rate fell to 26.08 per cent in January 2025 from 39.84 per cent in December 2024.

Nigeria’s inflation rate dropped to 24.48% in January after rebasing exercise, the country’s statistical authorities have revealed. The news figures showed food inflation rate now 26.08 percent while GDP figures are yet to be out.

Nigeria’s central bank paused its steep campaign of monetary tightening, after an overhaul of the data used to calculate inflation showed it had significantly slowed. Most Read from BloombergTrump to Halt NY Congestion Pricing by Terminating ApprovalSorry,

Nigeria's central bank held its benchmark lending rate at 27.50%, its governor Olayemi Cardoso said on Thursday. The decision follows six rate hikes last year totalling 875 basis points to try to get inflation under control.

The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso said Nigeria’s current Consumer Price Index is reflective of the reality of consumption patterns. Cardoso made this known on Thursday during a press briefing at the end of the 299th Monetary Policy Meeting in Abuja.