The Central Bank of Nigeria unanimously decided to lift its monetary policy rate by 50 bps to 18% at its March 2023 meeting, following a 100 bps hike in January, citing price and exchange rate pressures and expectations of a removal of a petrol subsidy. The annual inflation rate in Nigeria accelerated for the second month to a near 17-1/2-year high of 21.91% in February 2023, from 21.82% in the prior month, surpassing market expectations of 21.85%. Meanwhile, the economy advanced by a more-than-expected 3.52% from a year ago in the fourth quarter of 2022, following the third quarter’s 2.25% rise, supported by the non-oil sector, namely services. The decision is the first since the All Progressives Congress’s candidate Bola Tinubu won last month’s presidential elections. Tinubu, who is due to take office in May, pledged to remove fuel subsidies and “carefully review and better optimize” the nation’s system of multiple exchange rates, which he described as “somewhat arbitrary.” source: Central Bank of Nigeria

Interest Rate in Nigeria averaged 11.49 percent from 2007 until 2023, reaching an all time high of 18.00 percent in March of 2023 and a record low of 6.00 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 March of 2023.

Interest Rate in Nigeria is expected to be 18.00 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 16.00 percent in 2024 and 15.00 percent in 2025, according to our econometric models.

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Nigeria Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-11-22 01:30 PM 16.5% 15.5% 16.5% 16.5%
2023-01-24 11:25 AM 17.5% 16.5% 16.5% 16.5%
2023-03-21 01:30 PM 18% 17.5% 18.5%
2023-05-23 01:30 PM 18% 18.5%
2023-07-25 01:30 PM
2023-09-26 01:30 PM


Related Last Previous Unit Reference
Interest Rate 18.00 17.50 percent Mar 2023
Cash Reserve Ratio 32.50 32.50 percent Mar 2023
Interbank Rate 16.00 16.00 percent Mar 2023
Money Supply M1 20964941.91 20686476.65 NGN Million Jan 2023
Money Supply M0 1386398.50 3012057.17 NGN Million Jan 2023
Money Supply M2 52966478.09 51747302.38 NGN Million Jan 2023
Foreign Exchange Reserves 36700.00 37040.00 USD Million Feb 2023
Deposit Interest Rate 8.76 8.79 percent Jan 2023
Money Supply M3 53270207.30 52140943.27 NGN Million Jan 2023
Lending Rate 27.63 13.85 percent Jan 2023

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
18.00 17.50 18.00 6.00 2007 - 2023 percent Daily

News Stream
Nigeria Hikes Key Interest Rate to 18%
The Central Bank of Nigeria unanimously decided to lift its monetary policy rate by 50 bps to 18% at its March 2023 meeting, following a 100 bps hike in January, citing price and exchange rate pressures and expectations of a removal of a petrol subsidy. The annual inflation rate in Nigeria accelerated for the second month to a near 17-1/2-year high of 21.91% in February 2023, from 21.82% in the prior month, surpassing market expectations of 21.85%. Meanwhile, the economy advanced by a more-than-expected 3.52% from a year ago in the fourth quarter of 2022, following the third quarter’s 2.25% rise, supported by the non-oil sector, namely services. The decision is the first since the All Progressives Congress’s candidate Bola Tinubu won last month’s presidential elections. Tinubu, who is due to take office in May, pledged to remove fuel subsidies and “carefully review and better optimize” the nation’s system of multiple exchange rates, which he described as “somewhat arbitrary.”
2023-03-21
Nigeria Lifts Key Rate to 17.5%, Above Forecasts
The Central Bank of Nigeria unanimously decided to raise its monetary policy rate by 100 bps to 17.5% at its January 2023 meeting, following another 100 bps hike in November, above market expectations of 16.5%. Policymakers cited inflation risks and moderating economic growth. Headline inflation slowed marginally for the first time in 11 months to 21.3% in December, but still holding close to a 17-year high in the prior month. Meanwhile, economic growth decelerated more than anticipated to 2.3% in the three months through September from 3.5% in the prior quarter. Staff projections showed that output growth recovery is expected to continue reasonably in 2023, but at a subdued pace. The bank noted that high levels of insecurity; shortages of fuel and high cost of other energy sources; increased spending towards the 2023 general elections; the rising cost of debt servicing; and deteriorating fiscal balances remain the key sources of shocks to the Nigerian economy.
2023-01-24
Nigeria Hikes Key Interest Rate to 16.5%
The Central Bank of Nigeria lifted its monetary policy rate by 100 bps to 16.5% at its November 2022 meeting, following a 150bps hike in September, matching market expectations. This represents the fourth straight rate increase so far this year, citing the risk of slowing growth amid persistent inflationary pressures. Nigeria's headline inflation rate accelerated for the ninth straight month to hit an over 17-year high of 21.1% in October, amid increases in the cost of imported products due to currency depreciation and rising energy costs. Meanwhile, policymakers noted that recent developments in terms of observed month-on-month deceleration in the rate of increase in inflation suggest that the previous tightening policies were yielding the expected outcome. Available data on key macroeconomic indicators point to continued growth for the rest of 2022, which may occur at a much slower pace than earlier anticipated, in the light of unfolding domestic and external shocks to the economy.
2022-11-22