The benchmark interest rate in Nigeria was last recorded at 13.50 percent. Interest Rate in Nigeria averaged 11.06 percent from 2007 until 2019, reaching an all time high of 14 percent in July of 2016 and a record low of 6 percent in July of 2009.

Interest Rate in Nigeria is expected to be 13.50 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 12.50 in 12 months time. In the long-term, the Nigeria Interest Rate is projected to trend around 10.50 percent in 2020, according to our econometric models.

Nigeria Interest Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-01-22 01:30 PM Interest Rate Decision 14% 14% 14% 14%
2019-03-26 01:30 PM Interest Rate Decision 13.5% 14% 14% 14%
2019-05-21 01:30 PM Interest Rate Decision 13.5% 13.5% 13.5% 13.5%
2019-07-23 01:10 PM Interest Rate Decision 13.5% 13.5% 13.5% 13.5%
2019-09-24 01:00 PM Interest Rate Decision 13.5% 13.5%
2019-11-26 01:30 PM Interest Rate Decision 13%



Nigeria Holds Key Interest Rate at 13.5%

The Central Bank of Nigeria held its monetary policy rate at 13.5 percent during its July meeting, as widely expected, as inflation rate remains well above the bank's target range of 6-9 percent and GDP growth remains subdued. The bank's governor Godwin Emefiele said at a press conference he is not in a hurry to bring interest rates down, but will start reviewing bank's loan to deposit ratio after September 30th aiming at increase lending and stimulate growth.

Excerpts from the Central Bank of Nigeria's monetary policy statement:

The overall medium-term outlook for the global economy remains mixed with indications of continued softening of global output due to persisting policy uncertainties and sustained macroeconomic vulnerabilities. These are likely to be accentuated by the increasing trade tensions between the US and its major trading partners, rising debt levels and geo-political tensions.

On the domestic economy, output growth in 2019 is expected to remain weak, peaking at 2.27 per cent, while inflation is projected at 11.37 per cent by the CBN staff projections by end-2019. The underlying arguments in favour of this forecast include: favourable oil prices; stable exchange rate; moderate inflationary pressures; enhanced flow of credit to the private sector; sustained CBN interventions in the real sector; effective implementation of the Economic Recovery and Growth Plan (ERGP); building fiscal buffers; and improved security in the food producing areas of the country.

In consideration of the specific policy options to adopt; to hold, loosen or tighten, the MPC made the following observations: (i) Whilst the focus on growth was imperative, the mandate of price stability remains sacrosanct; (ii) Given the happenings in the external sector and the fact that inflation is moderating, tightening of monetary policy should not be an option at this time, as restriction of the capacity of the DMBs to create money could curtail their credit creation capabilities.

On the contrary, the Monetary Policy Committee (MPC) was of the view that, whilst loosening could increase money supply, stimulate aggregate demand and strengthen domestic production, the economy could be awash with liquidity especially if loosening drives growth in consumer credit without commensurate adjustment in aggregate output.

On holding the current monetary policy position, the Monetary Policy Committee (MPC) observed that given the recent actions of the Bank’s management involving the prescription of minimum lending thresholds by the deposit money banks to our Deposit Money Banks (DMBs), it is safe to assume that this action, targeted at stimulating credit growth to the real sector would increase credit delivery to the real sector and accelerate investment and economic growth. It also observed that since interest rates were currently trending downwards, it is safer to await the full impact of these policy actions on the economy before a review of the position of monetary policy.


Central Bank of Nigeria | Joana Ferreira | joana.ferreira@tradingeconomics.com
7/23/2019 5:16:40 PM



Nigeria Money Last Previous Highest Lowest Unit
Interest Rate 13.50 13.50 14.00 6.00 percent [+]
Cash Reserve Ratio 22.50 22.50 31.00 1.00 percent [+]
Money Supply M0 2003090.93 2014073.95 2329706.58 193939.30 NGN Million [+]
Money Supply M1 11435792.64 11159122.62 11751139.21 396991.90 NGN Million [+]
Money Supply M2 28268926.08 27892325.89 35167529.95 648506.60 NGN Million [+]
Foreign Exchange Reserves 43730.00 44940.00 62081.86 63.22 USD Million [+]
Deposit Interest Rate 9.48 9.68 27.00 2.00 percent [+]
Lending Rate 15.33 18.23 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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
13.50 13.50 14.00 6.00 2007 - 2019 percent Daily




Country Last Previous
Argentina 84.01 Sep/19
Turkey 16.50 Sep/19
Mexico 8.00 Aug/19
Russia 7.00 Sep/19
South Africa 6.50 Aug/19
Brazil 6.00 Aug/19
Indonesia 5.50 Aug/19
India 5.40 Aug/19
China 4.25 Sep/19
Saudi Arabia 2.75 Aug/19
United States 2.25 Aug/19
Canada 1.75 Sep/19
Singapore 1.74 Aug/19
South Korea 1.50 Aug/19
Australia 1.00 Sep/19
United Kingdom 0.75 Aug/19
Euro Area 0.00 Sep/19
France 0.00 Sep/19
Germany 0.00 Sep/19
Italy 0.00 Sep/19
Netherlands 0.00 Sep/19
Spain 0.00 Sep/19
Japan -0.10 Aug/19
Switzerland -0.75 Aug/19


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