The benchmark interest rate in Nigeria was last recorded at 11.50 percent. source: Central Bank of Nigeria

Interest Rate in Nigeria averaged 11.24 percent from 2007 until 2021, 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 January of 2022.

Interest Rate in Nigeria is expected to be 11.50 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 13.00 percent in 2023, according to our econometric models.

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Nigeria Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-07-27 01:30 PM 11.5% 11.5% 11.5% 11.5%
2021-09-17 01:30 PM 11.5% 11.5% 11.5%
2021-11-23 01:30 PM 11.5% 11.5% 11.5% 11.5%
2022-01-25 01:30 PM 11.5% 11.5%
2022-03-22 01:30 PM 11.5%
2022-05-24 01:30 PM


Related Last Previous Unit Reference
Interest Rate 11.50 11.50 percent Dec/21
Cash Reserve Ratio 27.50 27.50 percent Jan/22
Interbank Rate 10.95 10.95 percent Jan/22
Money Supply M1 17081031.93 16553042.48 NGN Million Nov/21
Money Supply M0 3148591.60 2965985.43 NGN Million Nov/21
Money Supply M2 42572203.40 41369902.01 NGN Million Nov/21
Foreign Exchange Reserves 40530.00 41190.00 USD Million Dec/21
Deposit Interest Rate 5.02 4.80 percent Oct/21
Money Supply M3 42576322.34 41370835.30 NGN Million Nov/21
Lending Rate 11.61 11.73 percent Oct/21

News Stream
Nigeria Leaves Monetary Policy Unchanged
The Central Bank of Nigeria voted unanimously to keep its monetary policy rate steady at 11.5% for a seventh straight time in November of 2021, in line with market forecasts. The decision came against the backdrop of decelerating inflation and is aimed at continue supporting the fragile economic recovery. Policymakers noted that Nigeria's annual inflation eased to a ten-month low of 15.99% in October, largely due to a sustained slowdown in food prices and price growth is seen easing further due to a bumper harvest. Meanwhile, the country's annual economic growth slowed to 4% in the Q3 of 2021, from an over six-year high of 5% in the Q2, amid poor performance in the oil sector. Persistent insecurity in large parts of the country was pointed as a major downside risk to the recovery of Africa's biggest economy. However, the Bank raised its growth projections to 3.1% in 2021, from a forecast of 2.86% in September and compared with the International Monetary Fund’s 2.6% prediction.
2021-11-23
Nigeria Holds Key Interest Rate Steady at 11.5%
The Central Bank of Nigeria voted unanimously to leave its monetary policy rate unchanged at 11.5% during its September of 2021 meeting. The decision came against the backdrop of decelerating inflation and is aimed at supporting the domestic economic recovery. Policymakers noted that Nigeria's annual inflation eased for a fifth straight month to 17.01% in August after the pace of food price growth slowed. Meanwhile, the country's GDP expanded by 5% from a year earlier in the second quarter of 2021, the strongest growth since the last quarter of 2014. Still, the Bank cut its growth projections to 2.86% in 2021, down from a forecast of 3.15% in July and compared with the International Monetary Fund’s 2.5% prediction.
2021-09-17
Nigeria Holds Key Interest Rate Steady at 11.5%
The Central Bank of Nigeria voted unanimously to leave its monetary policy rate unchanged at 11.5% during its May 2021 meeting, as widely expected. The move is expected to allow further economic growth, despite persistent inflationary pressures, after the country exited recession last year. Nigeria's annual inflation rate declined slightly to 18.12% in April 2021 from 18.17% in March, but remained well above the central bank's target range of 6-9%, continuing a trend that began in 2015. Meanwhile, latest data showed Nigeria's economy advanced by just 0.5% in the first three months of 2021, slightly faster than a 0.1% rise in the last quarter of 2020, suggesting a slow recovery.
2021-05-25

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).