Nigeria's central bank kept its key interest rate unchanged at 27.5% on July 22, 2025, holding steady for a third consecutive meeting. Nigeria’s annual inflation rate eased to 22.22% in June — the lowest reading since April 2023 and the third consecutive monthly decline. However, core inflation inched higher to 22.76% from 22.28% in May, while month-on-month inflation rose slightly to 1.68%. The central bank also highlighted risks stemming from global trade tensions and geopolitical volatility, notably the potential price impacts from US tariffs, which could fuel imported inflationary pressures. Against this backdrop, the MPC underscored the importance of maintaining a steady monetary policy stance to ensure the full unwinding of inflationary shocks. source: Central Bank of Nigeria

The benchmark interest rate in Nigeria was last recorded at 27.50 percent. Interest Rate in Nigeria averaged 13.04 percent from 2007 until 2025, 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 September of 2025.

The benchmark interest rate in Nigeria was last recorded at 27.50 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 23.00 percent in 2026 and 22.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-02-20 01:00 PM Interest Rate Decision 27.5% 27.5% 27.5%
2025-05-20 01:00 PM Interest Rate Decision 27.5% 27.5% 27.5%
2025-07-22 01:00 PM Interest Rate Decision 27.5% 27.5% 27.5%
2025-09-23 01:00 PM Interest Rate Decision 27.5% 26.0%
2025-11-25 01:00 PM Interest Rate Decision


Related Last Previous Unit Reference
Cash Reserve Ratio 50.00 50.00 percent Aug 2025
Deposit Interest Rate 10.86 10.77 percent Jul 2025
Foreign Exchange Reserves 41268.00 39270.00 USD Million Aug 2025
Interbank Rate 26.56 26.58 percent Aug 2025
Interest Rate 27.50 27.50 percent Jul 2025
Lending Rate 18.54 18.19 percent Jul 2025
Money Supply M0 5007516.17 5014793.27 NGN Million Jun 2025
Money Supply M1 39917788.44 40375112.83 NGN Million Jun 2025
Money Supply M2 117485518.07 118992148.27 NGN Million Jun 2025
Money Supply M3 117496320.73 119005378.14 NGN Million Jun 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
27.50 27.50 27.50 6.00 2007 - 2025 percent Daily

News Stream
Nigeria Holds Key Policy Rate at 27.5%
Nigeria's central bank kept its key interest rate unchanged at 27.5% on July 22, 2025, holding steady for a third consecutive meeting. Nigeria’s annual inflation rate eased to 22.22% in June — the lowest reading since April 2023 and the third consecutive monthly decline. However, core inflation inched higher to 22.76% in June from 22.28% in May, while month-on-month inflation rose slightly to 1.68%. The central bank also highlighted risks stemming from global trade tensions and geopolitical volatility, notably the potential price impacts from US tariffs, which could fuel imported inflationary pressures. Against this backdrop, the MPC underscored the importance of maintaining a steady monetary policy stance to ensure the full unwinding of inflationary shocks.
2025-07-22
Nigeria Holds Key Policy Rate at 27.5%
Nigeria's central bank kept its benchmark lending rate at 27.50% on May 20, 2025, maintaining its policy stance for a second straight meeting, as it seeks a clearer understanding of near-term economic conditions. Nigeria’s annual inflation rate fell to 23.71% in April 2025, from 24.23% in March, but it remains persistently high, exhibiting an uneven trend since the CPI rebasement in January. The recent drop in oil prices, Nigeria's primary export, combined with a weakening naira since April—following the US imposition of a 10% tariff on trading partners, which rattled global markets—has further added to the uncertainty surrounding the inflation outlook.
2025-05-20
Nigeria Pauses Tightening Cycle
Nigeria's central bank unanimously maintained its benchmark lending rate at 27.50% on February 20, 2025, following a 25bps hike in November. The decision comes after six consecutive rate hikes last year, totaling 875 basis points. Governor Olayemi Cardoso noted the MPC’s satisfaction with recent macroeconomic trends, particularly the naira's stability since December, but emphasized the need for continued price monitoring following changes in the CPI methodology. Nigeria’s headline inflation dropped to 24.48% in January, sharply lower than last month’s 34.80% after a rebasing exercise to reflect changes in consumption patterns. Since early 2024, the CBN has pursued an aggressive tightening cycle to rein in inflation and stabilize the naira.
2025-02-20