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. 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 September of 2021.
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 12.50 percent in 2022 and 13.00 percent in 2023, according to our econometric models.