The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said the impact of the United States/Israel and Iran conflict on Nigeria’s economy has been largely limited, attributing this to earlier economic reforms that strengthened the country’s buffers.
Mr Cardoso disclosed this at the conclusion of the bank’s two-day Monetary Policy Committee (MPC) 305th meeting on Wednesday in Abuja. The governor stated that the committee retained the borrowing rate at 26.5 per cent amidst an inflationary surge in previous months.
According to National Bureau of Statistics (NBS) data, headline inflation year-on-year rose marginally for the second consecutive month to 15.69 per cent in April 2026 from 15.38 per cent in the preceding month, largely driven by an increase in the food component.
Briefing the press after the MPC deliberation, the central bank boss said the committee reviewed recent developments in the global and domestic economies and assessed the medium-term outlook.
He said inflation rose marginally for two consecutive months, largely induced by external shocks, especially the ongoing war between the US/Israel and Iran, which has exerted upward pressure on energy prices and transportation costs.
