Nigeria Interest Rate  2007-2018 | Data | Chart | Calendar | Forecast

The benchmark interest rate in Nigeria was last recorded at 14 percent. Interest Rate in Nigeria averaged 10.67 percent from 2007 until 2018, reaching an all time high of 14 percent in July of 2016 and a record low of 6 percent in July of 2009.

Nigeria Interest Rate
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Nigeria Holds Interest Rate Steady at 14%

The central bank of Nigeria left its benchmark interest rate unchanged at 14 percent on November 21st 2017, in line with market expectations. Policymakers noticed the economic recovery is still fragile and expressed that inflation should be tracked for future monetary policies. Eight of the nine members of the monetary policy committee voted to hold rates, while one voted for a cut.

Excerpts from the Statement by the Central Bank of Nigeria:

Forecasts of key macroeconomic variables indicate a positive outlook for the economy up to Q1 2018. This is predicated on continued implementation of the 2017 budget into early 2018, anticipated improvements in government revenue from the implementation of the Voluntary Asset and Income Declaration Scheme (VAIDS) as well as favourable crude oil prices. The 7 development finance initiatives by the CBN in the real sector, particularly in agriculture, are expected to continue to yield positive results in terms of output expansion and job creation.

Focusing on the downside risks to the outlook, the Committee noted the low fiscal buffers and weak aggregate domestic demand. On the external front, widening global imbalances, and rising geo-political tensions were some of the crucial risks identified.

The Committee was, however, of the view that policy makers must not relent in their aggressive policy initiatives aimed at continuing the positive growth trajectory. The Committee was also concerned about potential adverse external developments and the cautious approach to lending and financial intermediation by domestic deposit money banks.

The Committee noted the significant contribution of food prices to headline inflation and observed that the benefit of base effect on overall headline inflation had substantially dwindled. Members, however, expressed confidence that the tight stance of monetary policy and the stability in the exchange rate of the naira should continue to positively weigh in on price developments. The Committee reaffirmed its commitment to maintaining price stability, which is crucial to sustainable economic growth and development.

While tightening would strengthen the impact of monetary policy on inflation with complementary effects on capital inflows and exchange rate stability, it nevertheless could also potentially dampen the positive outlook for growth and financial stability. On the other hand, whereas loosening would strengthen the outlook for growth by stimulating domestic aggregate demand through reduced cost of borrowing, it could aggravate upward trend in consumer prices and generate exchange rate pressures. The Committee also feels that loosening would worsen the current 10 account balance through increased importation.

On the argument to hold, the Committee believes that key variables have continued to evolve in line with the current stance of macroeconomic policy and should be allowed to fully manifest. Members noted that the developments in output and inflation in particular required effective close monitoring in order to gain clarity on the medium term optimal path of monetary policy.

In summary, the MPC decided to:

(i) Retain the MPR at 14.0 per cent;

(ii) Retain the CRR at 22.5 per cent;

(iii) Retain the Liquidity Ratio at 30.0 per cent

(iv) Retain the Asymmetric corridor at +200 and -500 basis points around the MPR.

Central Bank of Nigeria | Stefanie Moya |
11/22/2017 11:57:58 AM

Calendar GMT Actual Previous Consensus TEForecast
2017-07-25 01:30 PM Interest Rate Decision 14% 14% 14% 14%
2017-09-26 01:40 PM Interest Rate Decision 14% 14% 14% 14%
2017-11-21 01:40 PM Interest Rate Decision 14.00% 14% 14% 14%
2018-04-04 02:30 PM Interest Rate Decision 14% 14% 14%
2018-05-22 01:30 PM Interest Rate Decision 14%
2018-07-24 01:30 PM Interest Rate Decision 14%

Nigeria Money Last Previous Highest Lowest Unit
Interest Rate 14.00 14.00 14.00 6.00 percent [+]
Cash Reserve Ratio 22.50 22.50 31.00 1.00 percent [+]
Money Supply M0 1937337.46 1945444.20 2179174.28 193939.30 NGN Million [+]
Money Supply M1 10730861.71 10779943.77 11271506.82 396991.90 NGN Million [+]
Money Supply M2 24019092.23 23831915.72 24019092.23 648506.60 NGN Million [+]
Foreign Exchange Reserves 41820.00 40560.00 62081.86 63.22 USD Million [+]
Deposit Interest Rate 7.50 9.10 23.24 5.27 percent [+]
Lending Rate 17.88 17.69 37.80 6.00 percent [+]

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). This page provides - Nigeria Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Interest Rate - actual data, historical chart and calendar of releases - was last updated on March of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
14.00 14.00 14.00 6.00 2007 - 2018 percent Daily

interest rate by Country
Country Last
Turkey 8.00 Mar/18
Mexico 7.50 Feb/18
Russia 7.50 Feb/18
Brazil 6.75 Feb/18
India 6.00 Feb/18
China 4.35 Feb/18
Indonesia 4.25 Feb/18
Australia 1.50 Mar/18
South Korea 1.50 Feb/18
United States 1.50 Feb/18
Canada 1.25 Mar/18
United Kingdom 0.50 Feb/18
Euro Area 0.00 Mar/18
France 0.00 Mar/18
Germany 0.00 Mar/18
Italy 0.00 Mar/18
Netherlands 0.00 Mar/18
Spain 0.00 Mar/18
Japan -0.10 Mar/18
Switzerland -0.75 Mar/18