Single digit inflation rate target possible despite M’East crisis
Nigeria's inflation rate rose to 15.38% in March from 15.06% in February, but the Central Bank Governor remains confident that the country will achieve a single-digit inflation rate despite the Middle East crisis. The National Bureau of Statistics reported a 0.32% increase in the headline inflation rate compared to February 2026.
Nigeria's inflation rate increased to 15.38% in March from 15.06% in February, according to the National Bureau of Statistics. The Central Bank Governor, Olayemi Cardoso, remains confident that the country will achieve a single-digit inflation rate despite the marginal rise. The increase is attributed to the ongoing Middle East crisis and other related headwinds. Cardoso stated that the economy's growth prospects and resilience to global shocks are positive results of the CBN-led financial sector reforms. The CBN says structural reforms are beginning to filter through to the broader economy, helping to stabilise the naira and ease lending rates as inflation continues to moderate. President Bola Tinubu has directed economic managers to institute policies to reduce the impact of the Middle East crisis on the masses.
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