May 18, 2026/Coronation Update

Summary

According to data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate sustained its upward trajectory in April 2026, rising 31bps to 15.69% y/y from 15.38% y/y in March. This marks the second consecutive month of increase in headline inflation, following the end of an 11-month disinflationary trend that had pulled inflation from 34.8% in late 2024 to a trough of 15.06% in February 2026.

On a month-on-month (MoM) basis, headline inflation decelerated sharply to 2.13% from a record high of 4.18% in March, as the energy price shock that followed the crisis in Middle East gradually unwound. This MoM deceleration was broad-based, supported by moderation across both the core and food components of the CPI basket, and is consistent with the partial stability of PMS prices following the April 8 US-Iran ceasefire.

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