The Central Bank of Nigeria left its benchmark interest rate unchanged at 12.5% during its July 2020 meeting after unexpectedly trimming it by 100 bps on May 28th. Policymakers said that the previous rate cut was having a positive impact as credit growth had increased significantly in the economy. The Committee expects that the Nigerian economy may record negative quarterly GDP growth in the 2nd quarter of 2020, but there is cautious optimism that the year may end in marginal negative territory, with strong recovery prospects in 2021. The Commiittee noted that the current efforts by the Federal Government to contain the pandemic would reposition the economy on a sustainable path of rapid recovery. Policymakers added that was mindful of the cut in policy rate and the need to allow time for its effect to permeate the economy.
Interest Rate in Nigeria averaged 11.21 percent from 2007 until 2020, reaching an all time high of 14 percent in July of 2016 and a record low of 6 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 August of 2020. source: Central Bank of Nigeria
Interest Rate in Nigeria is expected to be 12.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Nigeria to stand at 11.50 in 12 months time. In the long-term, the Nigeria Interest Rate is projected to trend around 11.50 percent in 2021, according to our econometric models.