Washington D.C || Olayemi Cardoso, Central Bank of Nigeria (CBN) governor has projected that inflation in Africa’s most populous economy is expected to maintain its downward trajectory after headline inflation fell to 18.02% in September—the lowest level recorded in three years.
The September data from the National Bureau of Statistics (NBS) marks the sixth consecutive monthly decline and a dramatic drop from the 34.19% peak reached in June 2024. It also signals growing investor confidence in the CBN’s inflation-fighting strategy, which has included an aggressive tightening cycle and structural reforms.
“We expect inflation to continue to trend downward in the near term,” Cardoso said at the IMF-World Bank Annual Meetings in Washington. “This is supported by tight monetary conditions, a stable naira, and increased food supply.”