For nearly a year, Nigeria’s macroeconomic narrative had been cautiously optimistic. Inflation had been trending downward, monetary tightening appeared to be working, and exchange rate reforms were gradually stabilising the naira. But March 2026 may prove to be a turning point. Data shows that headline inflation rose slightly from 15.06% in February to 15.38% in March, marking the first upward movement in nearly a year and signalling the possible end of the disinflation cycle.