The Central Bank of Nigeria left its benchmark interest rate steady at 13.5% on May 21st 2019, as widely expected, following a surprise 0.5 percentage point cut at the previous meeting. The decision came as headline inflation edged up to 11.37% in April from 11.25% in the prior month, moving further above the bank's target range of 6%-9%. Policymakers also mentioned that growth remains fragile as economy expanded only 2.01% in Q1 2019 compared to 2.38% in the prior quarter, amid a slump in the country's oil sector. Interest Rate in Nigeria averaged 11.02 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 13.00 in 12 months time. In the long-term, the Nigeria Interest Rate is projected to trend around 14.00 percent in 2020, according to our econometric models.