Deposit Interest Rate in Nigeria decreased to 7.63 percent in March from 7.78 percent in February of 2023. source: Central Bank of Nigeria

Deposit Interest Rate in Nigeria averaged 9.36 percent from 1970 until 2023, reaching an all time high of 27.00 percent in September of 1993 and a record low of 2.00 percent in April of 1976. This page includes a chart with historical data for Deposit Interest Rate in Nigeria. Deposit Interest Rate in Nigeria - values, historical data and charts - was last updated on May of 2023.

Deposit Interest Rate in Nigeria is expected to be 8.13 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Deposit Interest Rate in Nigeria is projected to trend around 6.63 percent in 2024 and 5.63 percent in 2025, according to our econometric models.

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Deposit Interest Rate in Nigeria

Related Last Previous Unit Reference
Interest Rate 18.50 18.00 percent May 2023
Cash Reserve Ratio 32.50 32.50 percent May 2023
Interbank Rate 12.61 12.61 percent May 2023
Money Supply M1 22578104.18 21352527.87 NGN Million Apr 2023
Money Supply M0 2379074.15 1683498.35 NGN Million Apr 2023
Money Supply M2 55646745.84 54191661.32 NGN Million Apr 2023
Foreign Exchange Reserves 35160.00 35290.00 USD Million May 2023
Deposit Interest Rate 7.63 7.78 percent Mar 2023
Money Supply M3 54634063.50 53295069.64 NGN Million Mar 2023
Lending Rate 13.97 13.62 percent Mar 2023

Deposit Interest Rate in Nigeria
The Deposit Interest Rate is Nigeria refers to Weighted Average 3 Month Deposit Rates in Commercial Banks.
Actual Previous Highest Lowest Dates Unit Frequency
7.63 7.78 27.00 2.00 1970 - 2023 percent Monthly