FX.co ★ Nigeria Inflation Edges Lower to Five-Year Low in February

Nigeria’s annual inflation rate eased slightly to 15.06% in February 2026 from 15.10% in January, reaching its lowest level since November 2020 and marking the 11th consecutive month of decline. However, the pace of disinflation has moderated over the past two months, following a modest interest rate cut by the Central Bank of Nigeria, which had indicated expectations that inflation would continue to slow. Despite the overall deceleration, food inflation—traditionally the main driver of headline inflation in Nigeria—accelerated to 12.12% in February from 8.89% in January. The National Bureau of Statistics recently adopted a revised methodology for calculating inflation, moving from a single-month comparison to a 12-month reference period.