Nigeria Inflation Holds Near 15.91% in June as CBN Weighs Rate Path

ABUJA, Nigeria — Nigeria's annual consumer inflation held at 15.91% in June, nearly unchanged from May, according to the National Bureau of Statistics cited by CNBC Africa on 15 July. The reading marked the first decline in three months, Daily Post Nigeria reported on 16 July, as the Central Bank of Nigeria prepares to announce its next monetary policy rate decision. The statistics office said the headline figure was broadly flat month-on-month, with food prices continuing to drive the consumer basket, according to CNBC Africa. The print lands ahead of the CBN's Monetary Policy Committee meeting, where analysts expect the bank to hold its benchmark rate after a prolonged tightening cycle aimed at stabilising the naira, Reuters data shows. Nigeria's inflation has eased from the multi-decade highs recorded after the 2023 currency reforms, though it remains well above the CBN's single-digit target. The naira has traded relatively steadily on the official market in recent weeks, MarketForces Africa reported on 15 July, after the CBN mopped up liquidity through open-market operations, Financial Afrik reported on 11 July. ## What The Inflation Data Means For The Naira The subdued print strengthens the case for the CBN to keep rates on hold, analysts said, reducing near-term pressure on the naira while uncertainty over dollar-based fuel pricing persists. **Global/Local Angle:** The reading matters beyond Nigeria's borders because the naira's stability and the CBN's rate path influence investor flows across frontier markets and the wider sub-Saharan economy. **FX/Figure Confidence:** Inflation figure (15.91% y/y, June) attributed to Nigeria's statistics office via CNBC Africa. Naira/FX commentary sourced to MarketForces Africa and Financial Afrik. Spot exchange-rate quotes were not independently verified; treat intraday naira levels as indicative. **Sources** - https://news.google.com/rss/articles/CBMitAFBVV95cUxNS0RUTnhPZnM5eV95bnpUR2xMRkpvM2Rld2dxNE1NTFFTd0N4OTBzQ3loN1RhY2liYk9fdW0zbHdfM3otdk56eFU5cWx2N0EwaDlNaVpfOG4xU1hhS2F2X25YMUdMMkQ0d1RrZnJ4X3NCMnRZWS1NWnhQVzZkQ2NwWkxFcmtmVVc1OEI4bnMzUlNlUUVQaG1rb2hqSnBTb2VrNERBRFJhSG1nN0dTaU55bkhzNC0 - https://sourcereporters.com/business/ - https://sourcereporters.com/tag/cbn/ *Source Reporters corrects errors promptly. Report corrections to corrections@sourcereporters.com.*