Deposit Interest Rate in Nigeria increased to 6.17 percent in February from 5.85 percent in January of 2020.

Deposit Interest Rate in Nigeria averaged 9.61 percent from 1970 until 2020, reaching an all time high of 27 percent in September of 1993 and a record low of 2 percent in April of 1976. This page includes a chart with historical data for Deposit Interest Rate in Nigeria. Deposit Interest Rate in Nigeria - values, historical data and charts - was last updated on May of 2020.

Deposit Interest Rate in Nigeria is expected to be 6.17 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Deposit Interest Rate in Nigeria to stand at 6.17 in 12 months time. In the long-term, the Deposit Interest Rate in Nigeria is projected to trend around 6.17 percent in 2021, according to our econometric models.

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Deposit Interest Rate in Nigeria

Actual Previous Highest Lowest Dates Unit Frequency
6.17 5.85 27.00 2.00 1970 - 2020 percent Monthly

Nigeria Money Last Previous Highest Lowest Unit
Interest Rate 12.50 13.50 14.00 6.00 percent [+]
Cash Reserve Ratio 27.50 27.50 31.00 1.00 percent [+]
Money Supply M0 2186983.40 2249769.69 2442985.64 193939.30 NGN Million [+]
Money Supply M1 10427024.37 10331403.70 11751139.21 396991.90 NGN Million [+]
Money Supply M2 29730798.19 29130425.30 35167529.95 648506.60 NGN Million [+]
Foreign Exchange Reserves 36400.00 33440.00 62081.86 63.22 USD Million [+]
Deposit Interest Rate 6.17 5.85 27.00 2.00 percent [+]
Lending Rate 15.04 14.97 37.80 6.00 percent [+]


Deposit Interest Rate in Nigeria
The Deposit Interest Rate is Nigeria refers to Weighted Average 3 Month Deposit Rates in Commercial Banks.