Nigeria Inflation Forecast – September 2026
Analysis on the September 2026 inflation forecast. We project headline inflation to rise 0.95% month-on-month in September, up from 0.71% in August. Higher PMS and diesel prices should lift transport and distribution costs, but cheaper food and a firmer naira limit the pass-through. As this exceeds the 0.72% recorded in September 2025, year-on-year inflation rises […]
CBN Rate Reset Begins to Restore Policy Transmission as Market Yields Fall
The Central Bank of Nigeria (CBN)’s recent decision to reset the Monetary Policy Rate (MPR) to 23% from 26.5% marks more than a shift in policy stance, it signals the beginning of a restoration in monetary policy transmission across financial markets. Early market data already suggests that this transmission is gaining traction. Between September 18 […]
Primary Market Watch: Treasury Bills Post Auction Analysis – 23 September 2026
Higher demand, MPR cut, pushes treasury bill rate downward in the primary market The Central Bank of Nigeria (CBN), on behalf of the Federal Government, conducted the Treasury bills auction on Wednesday, 23 September 2026, against the backdrop of the Monetary Policy Committee’s (MPC) decision to cut the Monetary Policy Rate (MPR) by 350 basis […]
What lower interest rate means for your money
For some time, Nigeria’s Monetary Policy Rate (MPR) sat at a distance from where money was actually trading in the market. Since its introduction in April 2026, the Nigerian Overnight Financing Rate (NOFR), the CBN’s newly introduced, transaction-based benchmark, has held broadly stable around 22%, even as the MPR itself stood at 26.50%. That roughly […]
Nigeria Is back on JP Morgan’s Bond Index after 11 Years
On 14 September 2026, JP Morgan, one of the world’s biggest banks, added Nigeria to a new bond index it created called the GBI-EM Edge, giving Nigeria a weight of 7.4%, one of the largest of the 26 countries on the list. In simple terms: for every $100 that global investors put into this index, roughly […]
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Nigeria’s tariff shake-up targets production boost and consumer relief
Nigeria’s tariff shake-up targets production boost and consumer relief The recent shake-up in Nigeria’s trade policy reflects a deliberate effort to strengthen domestic production, easeconsumer pressures and discourage the importation of finished goods. Industrial, food, and transport sectors recorded the largest tariff reductions, with the industrial sector alone posting a net cut of 569 percent. […]
What NOFR means for Nigeria’s financial markets, and why it matters now
The Nigerian Overnight Financing Rate (NOFR) marks a significant step in improving how money is priced in Nigeria’s financial system. Introduced by the Central Bank of Nigeria (CBN) in collaboration with the Financial Markets Dealers Association (FMDA) and supported by the European Bank for Reconstruction and Development (EBRD), NOFR provides a transparent, transaction-based benchmark derived […]
Understanding CBN’s IMTO directive and what It changes in the FX market
SummaryThe recent directive by the Central Bank of Nigeria (CBN) on International Money Transfer Operators (IMTOs) represents a forward-looking structural reform designed to enhance transparency, efficiency, and coordination within Nigeria’s foreign exchange (FX) market. IMTOs, including global operators such as Western Union and MoneyGram, play a vital role in facilitating diaspora remittances into Nigeria, serving […]