Nigeria's Inflation Hits 15.69% in April Amid Reforms

The National Bureau of Statistics reported that Nigeria's inflation rate increased to 15.69% in April 2023, compared to 15.38% in March, marking the 13th consecutive month of rising inflation. The report indicated that the month-on-month headline index rose by 2.13% in April, down from 4.18% in March.

Food inflation stood at 16.06% year-on-year, a decrease from 24.68% in April 2025, while month-on-month food inflation was recorded at 3.63%, reflecting a decline from 4.17% in the previous month. Core inflation, excluding volatile agricultural products and energy, was at 15.86% year-on-year.

The highest year-on-year inflation rates were recorded in Sokoto (25.74%), Bauchi (22.52%), and Zamfara (22.03%). Mr.

Olayemi Cardoso, the Governor of the Central Bank of Nigeria, officially launched the fourth edition of the bank's foreign exchange manual, which aims to modernize foreign exchange administration in response to global economic realities. The new policies will take effect on June 1, 2026.