Nigeria records macroeconomic stability in Q1 2026, CPPE says

Nigeria recorded notable macroeconomic stability in the first quarter of 2026, according to the Centre for the Promotion of Private Enterprise, which pointed to easing inflation, a steadier naira and stronger foreign reserves.

A CPPE-backed review syndicated on April 5 said the improvement came alongside a narrower trading band in the official foreign-exchange market, higher reserves above $50 billion and business activity that remained in expansion territory.

The assessment is partly supported by official data. The National Bureau of Statistics shows headline inflation at 15.06% in its February 2026 consumer price materials, while the Central Bank of Nigeria cut the Monetary Policy Rate to 26.5% at its February 23-24 meeting.

Central bank materials also say FX-market reforms have improved transparency and price discovery, and they describe the naira as trading in a narrower, more stable range.

CPPE, however, did not present the quarter as a clean turnaround. The review still flagged major constraints, including high energy costs, insecurity, weak demand and elevated borrowing costs.

That means the story is less about a full recovery than a stabilization phase: inflation is easing, the exchange rate is calmer and reserves have improved, but the real economy still faces significant pressure.

The Q1 reading gives policymakers and businesses a more stable starting point for the rest of 2026, even if the durability of the improvement will depend on whether cost and security risks continue to ease.