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.

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.”

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

The Central Bank of Nigeria, Monetary Policy Committee (MPC) has decided to retain the Policy Rate (MPR) which means that banks' lending rate will not change.