Nigeria's central bank trimmed its key interest rate by 50 bps to 26.50% during its February 2026 meeting, after keeping it unchanged at 27% in November last year. The move pushed down borrowing costs to the lowest since mid-2024, aiming to support growth amid moderating inflation. Governor Olayemi Cardoso said that recent data suggested the ongoing disinflation trajectory would continue. He added that the lagged transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply were helping bring down inflation. Nigeria’s headline inflation rate eased slightly to 15.10% in January 2026 from 15.15% in December, marking the tenth consecutive monthly decline. Meanwhile, policymakers retained key monetary parameters. The asymmetric corridor was kept at +50/-450 basis points around the policy rate, while the Cash Reserve Ratio remained at 45% for Deposit Money Banks and 16% for Merchant Banks. The liquidity ratio was unchanged at 30%. source: Central Bank of Nigeria

The benchmark interest rate in Nigeria was last recorded at 26.50 percent. Interest Rate in Nigeria averaged 13.46 percent from 2007 until 2026, reaching an all time high of 27.50 percent in November of 2024 and a record low of 6.00 percent in July of 2009. This page provides - Nigeria Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2026.

The benchmark interest rate in Nigeria was last recorded at 26.50 percent. Interest Rate in Nigeria is expected to be 26.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Interest Rate is projected to trend around 17.00 percent in 2027 and 15.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-09-23 01:00 PM Interest Rate Decision 27% 27.5% 27% 26.5%
2025-11-25 01:00 PM Interest Rate Decision 27% 27% 26%
2026-02-24 01:00 PM Interest Rate Decision 26.5% 27% 25%
2026-05-20 01:00 PM Interest Rate Decision 26.5%
2026-07-21 01:00 PM Interest Rate Decision
2026-09-22 01:00 PM Interest Rate Decision


Related Last Previous Unit Reference
Cash Reserve Ratio 45.00 45.00 percent Jan 2026
Deposit Interest Rate 11.82 10.82 percent Dec 2025
Foreign Exchange Reserves 49510.00 46110.00 USD Million Feb 2026
Interbank Rate 24.63 24.53 percent Nov 2025
Interest Rate 26.50 27.00 percent Feb 2026
Lending Rate 18.02 18.89 percent Dec 2025
Money Supply M0 5732860.29 5261793.44 NGN Million Dec 2025
Money Supply M1 42142000.42 40527791.37 NGN Million Dec 2025
Money Supply M2 124400185.00 122940404.13 NGN Million Dec 2025
Money Supply M3 124409844.52 122950064.18 NGN Million Dec 2025


Nigeria Interest Rate
In Nigeria, interest rate decisions are taken by The Central Bank of Nigeria. The official interest rate is the Monetary Policy Rate (MPR).
Actual Previous Highest Lowest Dates Unit Frequency
26.50 27.00 27.50 6.00 2007 - 2026 percent Daily

News Stream
Nigeria Lowers Key Policy Rate to 26.5%
Nigeria's central bank trimmed its key interest rate by 50 bps to 26.50% during its February 2026 meeting, after keeping it unchanged at 27% in November last year. The move pushed down borrowing costs to the lowest since mid-2024, aiming to support growth amid moderating inflation. Governor Olayemi Cardoso said that recent data suggested the ongoing disinflation trajectory would continue. He added that the lagged transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply were helping bring down inflation. Nigeria’s headline inflation rate eased slightly to 15.10% in January 2026 from 15.15% in December, marking the tenth consecutive monthly decline. Meanwhile, policymakers retained key monetary parameters. The asymmetric corridor was kept at +50/-450 basis points around the policy rate, while the Cash Reserve Ratio remained at 45% for Deposit Money Banks and 16% for Merchant Banks. The liquidity ratio was unchanged at 30%.
2026-02-24
Nigeria Retains Key Policy Rate at 27%
The Central Bank of Nigeria maintained its benchmark rate at 27% on November 25, 2025, following a 50 bps cut in September, saying the pause was necessary to maintain the progress achieved in ensuring low and stable inflation. Governor Cardoso said the Committee decided by a majority vote to maintain the current policy stance, suggesting that members were not yet convinced economic conditions justified another cut. Policymakers welcomed the continued slowdown in headline inflation, supported by sustained monetary tightening and a more stable exchange rate, but noted it remains high, requiring further policy efforts. Nigeria’s annual inflation rate fell for the seventh straight month to 16.05% in October 2025, the softest since March 2022, from 18.02% in the prior month. The central bank also kept all other rates unchanged but adjusted the corridor around the MPR at +50-450% from +250-250% in September 2025.
2025-11-25
Nigeria Cuts Key Policy Rate for 1st Time since 2020
The Central Bank of Nigeria lowered its benchmark rate by 50 bps to 27% on September 23, 2025, the first cut since September 2020, following three meetings of no change. Slowing inflation and naira's recent strength prompted the decision, with the goal of supporting economic growth. Nigeria’s annual inflation rate eased for the fifth month to 20.12% in August 2025, marking the softest reading since July 2022. Meanwhile, the economy expanded by 4.23% year-on-year in Q2 2025, the strongest pace of growth since Q2 2021, from 3.13% in the previous period.
2025-09-23