The Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the country’s inflation will continue to slide downwards, propelled by tight monetary conditions, a stable Naira, and an increased food supply.

Cardoso made this known at the ongoing annual meetings of the International Monetary Fund and the World Bank Group in Washington DC, United States, according to a statement from the apex bank on Thursday.

These comments come as the country’s inflation rate dropped for the sixth time to 18.02 per cent in September, which the CBN described as the lowest in three years.

Reacting at the WBG-IMF meetings in Washington, US, Cardoso said, “We expect inflation to continue to trend downward in the near term, supported by tight monetary conditions, a stable Naira, and increased food supply.”

The CBN said the sustained decline marks a significant reversal from the inflationary peak of 34.19 per cent in June 2024, reflecting the impact of the Central Bank of Nigeria’s (CBN) decisive monetary policy actions to restore price stability and anchor expectations.

Recall that the CBN Monetary Policy Committee, in its September 2025 meeting, eased slightly, lowering the interest rate by 50 basis points to 27.00 per cent and the CRR for commercial banks to 45 per cent, while maintaining a firm anti-inflationary stance.

Similarly, the CBN’s monetary tightening was complemented by reforms in the foreign exchange market, including exchange rate unification and enhanced transparency to improve price discovery in the market. The Naira has since stabilised, with the spread between the official and Bureau de Change (BDC) rates narrowing to below 2 per cent.

Also, DAILY POST reports that improved liquidity in the FX market in the past months has helped reduce the pass-through of imported inflation and reinforced price stability.

The apex bank’s data showed that foreign reserves remain between $42.67 billion and $43 billion, providing more than eleven months of forward import cover, supported by sustained forex inflows.

The CBN, in the statement, stressed that it remains committed to strengthening the disinflation trend, supported by a combination of exchange rate stability, durable improvements in food supply, and continued moderation in petroleum product prices.