Nigeria’s headline inflation rate moderated slightly to 15.10 percent in January 2026, down from 15.15 percent recorded in December 2025, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS).
The marginal decline of 0.05 percentage points suggests a continued slowdown in price pressures at the start of the year, following several months of easing inflation.
On a year-on-year basis, inflation fell significantly compared to the same period last year. The January 2026 rate is 12.51 percentage points lower than the 27.61 percent recorded in January 2025, signaling sustained disinflationary trends in the economy.
Meanwhile, the naira strengthened sharply to N1,390 per dollar on Monday in the black market, further narrowing the gap between the parallel market and the official foreign exchange (FX) window by 2.5 percent. Data obtained from street traders showed the naira appreciated by 2.16 percent, gaining N30 from N1,420 quoted on Friday in the parallel market.
The appreciation has reduced the exchange rate spread to N35 from N92 recorded on Wednesday last week, indicating continued convergence between the two markets. On Friday, the gap between the official FX market and the parallel market had already narrowed to N65 as Bureau De Change (BDC) operators prepared to access fresh dollar supply from banks following the Central Bank’s reopening of the retail FX window for the bureaus.
At the official market, the naira depreciated marginally for the second time last week, slipping by N1.76 as the dollar was quoted at N1,355.42 on Friday—a loss of 0.13 percent compared to N1,353.66 recorded on Thursday, according to data from the Central Bank of Nigeria (CBN).
Analysts said the developments point to a gradual stabilisation of Nigeria’s currency and inflation dynamics, while continued monitoring of the FX markets and fiscal measures will be critical to sustaining the positive trend.
