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Nigeria's headline inflation has fallen for a third consecutive month to 15.39 percent, extending a disinflation run ahead of the November 24 MPC meeting.

Analysis: twelve straight months of falling inflation to 15.39% prove the 2023 reforms worked differently from every prior disinflation. Here is what persists.

Vice-President Kashim Shettima said Nigeria’s economy is back on a clear path, addressing policy leaders in Abuja on Monday, October 26, as government officials defended the record of the reform programme amid fresh evidence of disinflation and equity market gains.

The IMF said the CBN's cut of the policy rate to 23% was appropriate and 'the right thing to do', but stressed Nigeria's monetary stance remains tight and disinflation incomplete.

Analysts project headline inflation near 15.5% as disinflation continues, though high oil prices and sticky food costs keep the single-digit target at a distance.

Fitch Ratings has revised Nigeria's credit outlook to Positive from Stable, citing sustained reforms, disinflation and improved foreign reserves of $54.9 billion.

The agency affirmed Nigeria's sovereign rating at B but changed the outlook to positive, citing naira flexibility, disinflation and faster-than-expected reserve accumulation.