The Central Bank of Nigeria unexpectedly raised its monetary policy rate by 150 bps to 13% at its May 2022 meeting, against market expectations of 11.5%, bringing borrowing costs to the highest since April of 2020. It was the biggest rate hike since July of 2016, amid concerns that persistent inflationary pressures could weigh on the country's fragile recovery. Inflation quickened to an eight-month high of 16.8% in April, well above the central bank’s target range of 6%-9%, driven by high costs and supply-side constraints. Meanwhile, latest data showed Nigeria's economic growth slowed for the third straight quarter to 3.11% in Q1, hampered by lower oil production. Governor Godwin Emefiele said the economy was seen expanding by 3.25% this year, lower than the government's projection of 4.2% growth. source: Central Bank of Nigeria
Interest Rate in Nigeria averaged 11.26 percent from 2007 until 2022, 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 June of 2022.
Interest Rate in Nigeria is expected to be 13.00 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 14.50 percent in 2023 and 13.00 percent in 2024, according to our econometric models.