The Central Bank of Nigeria (CBN) has said its economic reforms are beginning to deliver results, with inflation falling to 14.63 per cent in September 2026 from 34.8 per cent in November 2024.
The bank also said the reduction of the Monetary Policy Rate (MPR) from 26.5 per cent to 23 per cent was part of efforts to improve monetary policy effectiveness while sustaining the fight against inflation.
Director, Stakeholder Engagement and Institutional Relations Department, CBN, Hakama Sidi Ali, disclosed this on Thursday while speaking at the Bank’s Special Day at the 40th Lagos International Trade Fair.
Sidi Ali, who represented the CBN Governor, Olayemi Cardoso, said the Bank had, over the past three years, pursued reforms to restore monetary discipline, improve foreign exchange market operations and rebuild confidence in the economy.
She acknowledged that despite the progress recorded, households and businesses were still grappling with high costs, adding that the CBN remained committed to achieving price stability and creating a more predictable business environment.
According to her, economic stability is important because it enables businesses to plan production, determine prices, manage cash flows, negotiate contracts and make long-term investment decisions.
