Global Macroeconomic Review

United States:The U.S. economy presented a paradox in April 2025. A rare month-on-month CPI decline of 0.1% for March was observed—the first drop since May 2020—driven by a 6.3% fall in gasoline prices and a 5.3% drop in airfares. Over twelve months, headline inflation eased to 2.4%, edging closer to the Fed’s 2% goal, while core CPI rose just 0.1%, its smallest gain in nine months. Yet, beneath these welcome figures simmered escalating tariff measures….

Domestic Macroeconomic Review

Nigeria’s Inflation Surged to 24.23% Amid Fuel Price Hikes, Regional Disparities; CBN Faces Policy Tightrope

Nigeria’s inflation rate surged to 24.23% year-on-year in March 2025, marking a 1.05 percentage point increase from February’s 23.18% and reversing a brief disinflationary trend observed earlier in the year. Month-on-month inflation accelerated sharply to 3.90%, nearly double February’s 2.04%, reflecting rapid price escalations across key sectors…

Market Update

Foreign Exchange Market: In April, the Nigerian Foreign Exchange Market was defined by sustained volatility and pronounced naira depreciation amid persistent demand pressures and constrained dollar supply. The month opened with the naira hovering between ₦1,525–₦1,535/USD, buoyed by Central Bank of Nigeria (CBN) support and moderate offshore inflows, but a mid-month surge in offshore demand and softer oil prices drove interbank rates to as weak as ₦1,570/USD…