The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities further eased to 15.10 per cent in January compared to 15.15 per cent in December 2025, the National Bureau of Statistics (NBS) said Monday.

Year-on-year, headline inflation stood at 12.51per cent compared to 27.61 per cent in January 2025.

Month-on-month, headline inflation stood at -2.88 per cent in January compared to 0.54 per cent in December. Food inflation stood at 8.89 per cent, year-on-year, from 29.63 per cent in January 2025. Month-on-month, the food index was -6.02 per cent compared to -0.36 per cent in December.

The NBS attributed the decline in food inflation to the rate of decrease in the average prices of water yam, eggs, green peas, groundnut oil, soya beans, palm oil, maize, guinea corn, beans, beef, melon, unshelled, cassava tuber, and cowpeas among others.

However, core inflation, which excludes the prices of volatile agricultural produces and energy, stood at 17.72 per cent year on year in January 2026 compared to 25.27 per cent in the corresponding period of 2025. Month-on-month, the core index stood at 1.69 per cent compared to 0.58 per cent in the preceding month.

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.

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