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.

Nigeria’s headline inflation rate dropped to 24.48% year-on-year in January 2025, following the rebasing of the Consumer Price Index (CPI),

NBS also said that the food inflation rate fell to 26.08 per cent in January 2025 from 39.84 per cent in December 2024.

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.

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

CBN has retained MPR at 27.5% as inflation dropped after rebasing, citing exchange rate stability, food price moderation amid economic improvements.

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 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.