The Central Bank of Nigeria slashed its monetary policy rate by 100 bps to 12.5% during its May 2020 meeting, surprising markets that expected no change. It was the first rate cut since March of 2019. The decision aimed at reviving the economy battered by the coronavirus pandemic and collapsing oil prices despite persistent inflationary pressures. Policymakers explained that a lower rate would stimulate credit expansion to critically important sectors and thus support employment. Governor Emefiele added that the economy would contract in the second and third quarter of the year but recover in the fourth quarter helped by fiscal and monetary measures. Meanwhile, inflation continued to climb to a two-year high of 12.34 percent in April, persistently above the target range of 6-9%.

Interest Rate in Nigeria averaged 11.19 percent from 2007 until 2020, 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 May of 2020. source: Central Bank of Nigeria

Interest Rate in Nigeria is expected to be 12.50 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 12.00 in 12 months time. In the long-term, the Nigeria Interest Rate is projected to trend around 11.50 percent in 2021, according to our econometric models.

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Nigeria Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
12.50 13.50 14.00 6.00 2007 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
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% 13.5%
2020-03-24 01:30 PM 13.5% 13.5% 13.5% 12.5%
2020-05-28 01:30 PM 12.5% 13.5% 13.5% 13.5%
2020-07-20 01:30 PM 12.5% 12.5%
2020-09-21 01:30 PM 12%
2020-11-23 01:30 PM 12%


News Stream
Nigeria Unexpectedly Cuts Key Interest Rate to 12.5%
The Central Bank of Nigeria slashed its monetary policy rate by 100 bps to 12.5% during its May 2020 meeting, surprising markets that expected no change. It was the first rate cut since March of 2019. The decision aimed at reviving the economy battered by the coronavirus pandemic and collapsing oil prices despite persistent inflationary pressures. Policymakers explained that a lower rate would stimulate credit expansion to critically important sectors and thus support employment. Governor Emefiele added that the economy would contract in the second and third quarter of the year but recover in the fourth quarter helped by fiscal and monetary measures. Meanwhile, inflation continued to climb to a two-year high of 12.34 percent in April, persistently above the target range of 6-9%.
2020-05-28
Nigeria Holds Key Interest Rate at 13.5%
The Central Bank of Nigeria left its monetary policy rate at 13.5% during its March 2020 meeting, saying it would assess measures already taken to support the economy in response to the coronavirus outbreak before deciding whether additional steps should be taken. The real GDP growth is expected to weaken in 2020, hampered by the tepid global demand and supply, resulting from the recent outbreak of COVID-19, and the oil price war which has resulted in supply glut and decline in crude oil prices. Meantime, policymakers noted the persistence of inflationary pressures, with the headline inflation climbing for the sixth straight month to a near two-year high of 12.2% in February. The Committee also reiterated the need for the government to urgently reduce reliance on oil revenue by gradually diversifying the economy and improving tax collection.
2020-03-24
Nigeria Holds Key Interest Rate at 13.5%
The Central Bank of Nigeria left its benchmark interest rate unchanged at 13.5% during its January meeting, as widely expected, as it seeks to contain price pressures. In December 2019, headline inflation rose to a 20-month high of 11.98%, well above the bank's target of 9%, amid lingering effects of borders closure and seasonal demand during the festive season. The bank also noted that growth improved slowly as the economy expanded 2.28% in Q3 2019 compared with 2.12% and 2.81% in the previous and corresponding quarters of 2018, respectively, largely driven by the oil sector. The GDP is seen growing 2.20% in Q4 2019 and 2.35% in Q1 2020. Other monetary policy parameters were kept steady but the cash reserve ratio was raised to 27.5% from 22.5%, for the first time in four years. The measure aimed at absorbing excess liquidity in the banking system, which is considered a driver of price growth, after banks were encouraged to increase lending to stimulate the economy.
2020-01-24
Nigeria Holds Interest Rate Steady at 13.5%
The Central Bank of Nigeria decided unanimously to leave its monetary policy rate steady at 13.5 percent during its November meeting, as widely expected, to spur economic growth during the fourth quarter of the year while inflationary pressures remain persistently high. In October, headline inflation hit a 17-month high of 11.61 percent, mainly pushed up by prices of food and well above the Bank's target range of 6-9 percent. Meantime, the economy advanced 2.28 percent in the third quarter, the most in three quarters, driven by oil output.
2019-11-26

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).