Nigeria's Inflation Falls Below 20% for First Time Since 2022, Central Bank Optimistic

Nigeria's inflation rate fell to 18.02% in September 2025, marking the first time it has dropped below 20% since 2022. Central Bank Governor Olayemi Cardoso attributed this decline to the bank's tough policy measures aimed at restoring price stability.

The core inflation eased to 19.53%, while food inflation moderated to 16.87%. The CBN has been pursuing an aggressive tightening cycle by raising the monetary policy rate to 18.75% and implementing other measures to combat inflation.

Cardoso expressed confidence that inflation will continue to trend downward in the near term, supported by tight monetary conditions and stable naira. The improved food supply conditions and moderation in petroleum product prices are also contributing to the disinflationary trend.