The Central Bank of Nigeria published its November 2025 Economic Report, describing stronger domestic activity and an eighth consecutive easing in headline inflation, alongside an appreciation of the naira on average at the Nigerian Foreign Exchange Market (NFEM) and higher external reserves. Globally, the report notes a slowdown in activity and lower crude prices, with Bonny Light averaging USD 65.22 per barrel. Within Nigeria, the composite purchasing managers’ index rose to 56.40 (55.40 in October) and headline inflation slowed to 17.33 per cent year-on-year (18.97 per cent), although month-on-month inflation increased to 1.22 per cent from 0.93 per cent on higher energy costs. Crude oil output excluding condensates increased to 1.44 million barrels per day (mbpd) but remained below the Organization of the Petroleum Exporting Countries (OPEC) quota of 1.50 mbpd, while provisional gross Federation Account revenue fell 3.80 per cent month-on-month to NGN 3.03 trillion as non-oil receipts declined 8.44 per cent. Broad money (M3) rose 8.55 per cent from end-December 2024 to NGN 123.05 trillion on higher net foreign assets (NFA) and net domestic assets (NDA), and average banking system liquidity declined to NGN 0.19 trillion from NGN 0.34 trillion. The NGX All-Share Index fell 6.88 per cent to 143,520.53 and aggregate market capitalisation declined to NGN 141.29 trillion, with bearish sentiment linked to uncertainty around a proposed 30 per cent capital gains tax, while the liquidity ratio and capital adequacy ratio were 60.08 per cent and 12.84 per cent and the non-performing loans ratio rose to 9.10 per cent. Externally, the trade surplus widened to USD 1.28 billion and capital inflows slowed to USD 1.52 billion from USD 3.68 billion, while the monthly average NFEM rate appreciated 1.09 per cent to NGN 1,443.85 per USD and external reserves rose to USD 45.26 billion, equivalent to 9.66 months of goods and services import cover. In its outlook, the report projects global growth moderating to 3.20 per cent in 2025 and 3.10 per cent in 2026, with global inflation easing to 4.20 per cent and 3.70 per cent. It expects Nigeria’s inflation to keep moderating in the near term, supported by a tight monetary policy stance, exchange rate stability and improved food supply, while highlighting risks from geopolitical tensions, oil-market volatility, domestic security challenges and infrastructure constraints.
Central Bank of Nigeria 2025-11-30
Central Bank of Nigeria publishes November 2025 Economic Report with headline inflation easing to 17.33 per cent and external reserves at USD 45.26 billion
The Central Bank of Nigeria's November 2025 Economic Report highlights stronger domestic activity, an eighth consecutive easing in headline inflation, and naira appreciation at the Nigerian Foreign Exchange Market. It notes a rise in the composite purchasing managers’ index and a slowdown in year-on-year inflation, despite increased month-on-month inflation due to higher energy costs. It projects continued moderation in Nigeria's inflation, supported by tight monetary policy and exchange rate stability, while cautioning about risks from geopolitical tensions and oil-market volatility.