A few days ago, the National Bureau of Statistics (NBS) announced that Nigeria’s inflation rate had dropped to 24.48% in January 2025, down from 34.80% in December 2024. The news was met with applause from government officials and pro-government supporters who saw it as a sign of economic recovery.

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.

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 last year amid inflation drops. It also retained the Cash Reserve Ratio,

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.

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.