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),

The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent in January, the same rate as in November last year amid inflation drops. It also retained the Cash Reserve Ratio,

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.

The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate decreased from 34.8 per cent in December 2024 to 24.48 per cent in January

Also, the Director-General of the Lagos Chamber Of Commerce And Industry, Dr Chinyere Almona noted that a rebased CPI provides a “clearer view of the economy” which considering the drop of headline inflation from 34.8 per cent to 24.48 per cent “may seem positive but does not automatically improve living standards.”

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.