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.

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 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 NBS said the food index for January 2025 was 110.03, resulting in a food inflation rate of 26.08 per cent year-on-year.

The bank raised interest rates by 875 basis points last year, as inflation was driven up by President Bola Tinubu's moves to end subsidies and devalue the naira currency. Tinubu's administration hopes those reforms will shore up public finances and boost economic growth.

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,