What was Nigeria's annual inflation rate in June, and how did it compare to economists' expectations?

Nigeria's annual inflation rate in June was 15.9%, unchanged from May; this was lower than the median economist estimate of 16.3% in a Bloomberg survey.

Why might the Central Bank of Nigeria maintain its key interest rate at 26.5% during its July 21 meeting?

The central bank may hold its key interest rate at 26.5% due to new price pressures from resumed Middle East hostilities—particularly the reinstated blockade of the Strait of Hormuz—which is spiking energy prices, likely raising transport and food costs, increasing dollar demand, and putting pressure on the naira.

Nigerian Inflation Holds Steady Ahead of Rate-Setting Meeting

Jul 15, 2026

Nigeria’s annual inflation remained steady at 15.9% in June despite rising energy costs from Middle East hostilities. Dangote Petroleum Refinery announced fuel sales in dollars following a collapsed crude supply deal with the government.

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