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.

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Nigeria Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-01-25 01:30 PM 11.5% 11.5% 11.5% 11.5%
2022-03-21 04:20 PM 11.5% 11.5% 11.5% 11.5%
2022-05-24 11:30 AM 13% 11.5% 11.5% 11.5%
2022-07-26 01:30 PM 13% 13%
2022-09-27 01:30 PM 14.5%
2022-11-22 01:30 PM 14.5%


Related Last Previous Unit Reference
Interest Rate 13.00 11.50 percent May 2022
Cash Reserve Ratio 27.50 27.50 percent Jun 2022
Interbank Rate 9.70 9.70 percent Jun 2022
Money Supply M1 20608106.85 19850944.01 NGN Million May 2022
Money Supply M0 3331796.22 3308553.20 NGN Million May 2022
Money Supply M2 48555975.14 47213250.48 NGN Million May 2022
Foreign Exchange Reserves 39090.00 38540.00 USD Million Jun 2022
Deposit Interest Rate 4.44 4.41 percent Apr 2022
Money Supply M3 46542025.44 45654456.11 NGN Million Apr 2022
Lending Rate 11.83 11.84 percent Apr 2022

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
13.00 11.50 14.00 6.00 2007 - 2022 percent Daily

News Stream
Nigeria Unexpectedly Hikes Key Interest Rate to 13%
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.
2022-05-24
Nigeria Holds Key Interest Rate at 11.5%
The Central Bank of Nigeria kept its benchmark interest rate steady at a six-year low of 11.5% in March of 2022, in line with market forecasts, saying that tightening could adversely impact the fragile recovery of output growth and may stiffen the expected investment expansion. Nigeria’s annual inflation rate rose to 15.7% in February, compared to the central bank’s 9% target. Six members of the monetary policy committee voted to left the rate unchanged, three members wanted a 25 basis point increase, while one voted for a half percentage point hike.
2022-03-21
Nigeria Holds Key Interest Rate Steady at 11.5%
The Central Bank of Nigeria kept its monetary policy rate steady at a six-year low of 11.5% in January of 2022, in line with market forecasts. The decision aims to shore up the country's fragile recovery from the Covid-19 shock, despite an uptick in headline inflation. Nigeria’s annual inflation rate rose to 15.63% in December, after eight straight months of decline, amid a slight acceleration in prices of food linked to the festive season. Policymakers said that headline inflation is expected to trend marginally upwards in the short-term before moderating towards the end of the first quarter of 2022, amid improved food supply due to the harvest season. Food inflation is expected to trend downwards in 2022. Meanwhile, the economic outlook for 2021 was kept at 3.1% and staff projections showed that economic recovery should continue in 2022, supported by the ongoing support by the monetary and fiscal authorities, progress in COVID-19 vaccinations and continued high crude oil prices.
2022-01-25