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# [AFRICA] Nigeria: inflation eases to 15.91% in June, CBN calls MPC meeting for July 21
- URL: https://businessoi.media/en/afrique-nigeria-linflation-recule-a-15-91-en-juin-la-cbn-convoque-son-mpc-le-21-juillet-en/
- Published: 2026-07-16T13:45:01.000Z
- Updated: 2026-07-16T13:45:01.000Z
- Description: Nigeria's inflation eased to 15.91% in June 2026 — the first drop in three months. The Central Bank (CBN) meets on July 21 to decide on interest rates in a delicate monetary balancing act.
- Author: Emmanuel TAOCHY
- Tags: Afrique, Économie, Clôture, #en

Nigeria's headline inflation eased to **15.91%** year-on-year in June 2026, the National Bureau of Statistics (NBS) reported on July 15\. It is the first decline in three months — a 0.02 percentage-point drop — arriving days before a key Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting scheduled for **July 21**.

## A modest drop, driven by naira stability

The slight easing reflects favorable **base effects** and the relative stability of the naira in foreign exchange markets. Non-food price pressures softened more markedly, while food inflation remains elevated, driven by supply shortfalls in several northern states. May 2026 inflation stood at **15.93%**, the year's highest reading — June marks the beginning of a potential, if fragile, turning point.

## The CBN faces a monetary dilemma

For the CBN, the fresh data complicates the upcoming MPC rate decision. Businesses and SMEs struggling with high borrowing costs are calling for a rate cut. But the fragility of the decline and persistent food price pressures argue for caution. According to BusinessDay analysts, « Nigeria sits at a delicate inflection: easing too early risks reigniting price pressures; keeping rates high too long chokes an economy in need of investment. »

## Why it matters for the Indian Ocean

Nigeria is Sub-Saharan Africa's largest economy. The trajectory of its inflation and monetary policy directly affects intra-African investment flows, trade with Indian Ocean operators active on the continent, and the region's appeal to institutional investors. A CBN that contains inflation without crushing growth sends a powerful signal across the entire African market.

*Sources: NBS Nigeria (July 15, 2026); Bloomberg; BusinessDay; Daily Post Nigeria; Nairametrics.*