The Central Bank of Nigeria has published Volume 49, No. 3 (July–September 2025) of its Bullion journal, presenting peer‑reviewed research on monetary policy transmission, inflation dynamics, reserve assets and financial market impacts in Nigeria. Across the issue, studies re-examine the effectiveness of the Monetary Policy Rate (MPR) as an inflation-control tool, the role of fuel prices and exchange-rate pass-through, and the potential for gold bullion holdings to support price stability. One paper using monthly data from 2021 to 2024 reports that changes in the MPR did not significantly reduce inflation, while fuel prices were a statistically significant driver, and recommends reducing the MPR and fuel prices. Another paper analysing exchange-rate volatility after petroleum price liberalisation in May 2023 finds that depreciation raises inflation in the short run, with a 1% increase in the previous period’s exchange rate associated with a 0.0726% rise in current inflation and Granger-causality running from exchange rate to inflation. Other articles report an inverse relationship between bullion reserves and both inflation and interest rates, assess inflation and MPR impacts on conventional versus Islamic mutual funds (including a slower adjustment rate for Islamic funds), and link industrial output positively with economic growth. The issue also includes an internal diagnostic of Bullion’s own content from 2020 to 2025, proposing editorial reforms such as standardised policy-brief boxes, thematic quotas, broader external peer review and more diverse contributors.

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