The benchmark interest rate in Nigeria was last recorded at 13.50 percent. Interest Rate in Nigeria averaged 11.13 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. source: Central Bank of Nigeria

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 14.00 in 12 months time. In the long-term, the Nigeria Interest Rate is projected to trend around 13.50 percent in 2020, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
Nigeria Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
13.50 13.50 14.00 6.00 2007 - 2019 percent Daily



Calendar GMT Actual Previous Consensus TEForecast
2019-05-21 01:30 PM 13.5% 13.5% 13.5% 13.5%
2019-07-23 01:10 PM 13.5% 13.5% 13.5% 13.5%
2019-09-20 01:30 PM 13.5% 13.5% 13.5% 13.5%
2019-11-26 01:30 PM 13.5% 13.5% 13.5% 13.5%
2020-01-24 01:30 PM 13.5% 13.5% 13.5%


News Stream
2019-09-20
Nigeria Keeps Policy Rate at 13.5%
The Central Bank of Nigeria held its monetary policy rate at 13.5 percent during its September meeting, as widely expected, as inflation remains persistently above the Bank's target range of 6-9 percent and economic growth remains sluggish. The bank's governor Godwin Emefiele said at a press conference that tightening rates could constrain growth while loosening it could allow inflation to rise, and that holding rates steady would allow the bank to appraise the impact of current policies, such as changes to the loan to deposit ratios at banks, that comes into force at the end of September, aiming to increase lending and foster growth.

2019-07-23
Nigeria Holds Key Interest Rate at 13.5%
The Central Bank of Nigeria held its monetary policy rate at 13.5 percent during its July meeting, as widely expected, as inflation rate remains well above the bank's target range of 6-9 percent and GDP growth remains subdued. The bank's governor Godwin Emefiele said at a press conference he is not in a hurry to bring interest rates down, but will start reviewing bank's loan to deposit ratio after September 30th aiming at increase lending and stimulate growth.

2019-05-21
Nigeria Holds Interest Rate Steady at 13.5%
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.

2019-03-26
Nigeria Cuts Key Interest Rate to 13.5%
The Central Bank of Nigeria decided to cut its benchmark interest rate by 50 bps to 13.5% on March 26th 2019, mainly to stimulate the economy. The move surprised markets who had expected the rate to remain steady at 14% and marks the first rate cut since November 2015. Six out of the eleven members of the monetary policy committee voted to reduce the current monetary stance. In February 2019, the annual inflation edged down to 11.3% from 11.4% in January, but still above the Bank's target of 6-9%. Policymakers added that the economy is projected to grow between 2.7% and 3% in 2019.

2019-01-22
Nigeria Holds Key Interest Rate at 14%
The Central Bank of Nigeria decided unanimously to keep the benchmark interest rate steady at 14 percent on January 22nd 2019, as widely expected. The last time policymakers changed rates was in July 2016, when they lifted the monetary rate by 200 bps. The Committee voiced concerns about inflationary pressures in the first half of the year, amid an increase in spending ahead of general elections and disruptions caused by recent flooding. In December, the annual inflation hit a 7-month high of 11.44% from 11.28% in November, well above the Bank’s target of 6.0%–9.0%. The Nigerian economy is projected to expand 2.28% this year, the CBN Governor Emefiele said.


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).

Nigeria Money Last Previous Highest Lowest Unit
Interest Rate 13.50 13.50 14.00 6.00 percent [+]
Cash Reserve Ratio 22.50 22.50 31.00 1.00 percent [+]
Money Supply M0 2203274.21 2055946.55 2329706.58 193939.30 NGN Million [+]
Money Supply M1 10930572.57 10592511.65 11751139.21 396991.90 NGN Million [+]
Money Supply M2 28415371.99 27634515.08 35167529.95 648506.60 NGN Million [+]
Foreign Exchange Reserves 38684.00 39803.00 62081.86 63.22 USD Million [+]
Deposit Interest Rate 8.70 8.96 27.00 2.00 percent [+]
Lending Rate 15.11 15.07 37.80 6.00 percent [+]