••APEX Bank’s monetary reforms show early signs of success as price pressures begin to ease.
The National Bureau of Statistics (NBS) reported today that Nigeria’s headline inflation rate fell to 14.45% in November 2025, a notable decrease from the 16.05% recorded in October. This 1.6 percentage-point drop signals a sustained moderation in price pressures and suggests that recent monetary and foreign exchange reforms by the Central Bank of Nigeria (CBN) are beginning to yield positive results.
The November figures represent one of the most significant month-on-month slowdowns in inflation this year, offering a measure of relief to households and businesses after prolonged periods of elevated prices driven by currency volatility, supply chain disruptions, and high food costs.
While the annual inflation rate shows a clear moderating trend, the NBS data indicates that month-on-month price increases rose slightly to 1.22% in November, up from 0.93% in October. This highlights that while the broader annual trend is improving, short-term cost pressures remain present within the economy.
A detailed breakdown reveals substantial improvements across both urban and rural areas:
Urban inflation fell sharply to 13.61% year-on-year, a dramatic 23.49 November 2024.
Rural inflation also moderated significantly, declining to 15.15% year-on-year, down 17.12 percentage points from the previous year.
The CBN’s strategy of monetary tightening and FX reforms appears to be contributing to this disinflationary process, though the NBS notes that underlying cost pressures remain evident. This data will be closely watched by policymakers, investors, and analysts for signs of continued economic stabilization.
