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. source: Central Bank of Nigeria

Interest Rate in Nigeria averaged 11.43 percent from 2007 until 2023, reaching an all time high of 17.50 percent in January 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 January of 2023.

Interest Rate in Nigeria is expected to be 17.50 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 15.00 percent in 2024, according to our econometric models.

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Nigeria Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-09-27 01:20 PM 15.5% 14% 14.5% 14.5%
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 17.5% 17.5%
2023-05-23 01:30 PM
2023-07-25 01:30 PM


Related Last Previous Unit Reference
Interest Rate 17.50 16.50 percent Jan 2023
Cash Reserve Ratio 32.50 32.50 percent Jan 2023
Interbank Rate 12.56 12.56 percent Jan 2023
Money Supply M1 20686476.65 21503412.00 NGN Million Dec 2022
Money Supply M0 3012057.17 3164256.76 NGN Million Dec 2022
Money Supply M2 51747302.38 51784485.54 NGN Million Dec 2022
Foreign Exchange Reserves 37040.00 37080.00 USD Million Jan 2023
Deposit Interest Rate 8.45 8.01 percent Nov 2022
Money Supply M3 51785745.45 50578604.15 NGN Million Nov 2022
Lending Rate 13.17 12.23 percent Nov 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
17.50 16.50 17.50 6.00 2007 - 2023 percent Daily

News Stream
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
Nigeria Lifts Key Interest Rate to 15.5%, Above Forecasts
The Central Bank of Nigeria raised its monetary policy rate by 150 bps to 15.5% at its September 2022 meeting, following a 100bps hike in July, above market expectations of 14.5%. It marks the third straight rate increase so far this year, bringing borrowing costs to the highest since 2006, amid heightened concerns over the impact of sustained inflationary pressures on the country's fragile recovery. Nigeria’s annual inflation rate climbed for the seventh straight month to a 17-year high of 20.5% in August, amid soaring food prices, higher diesel costs and continued currency weakness due to a chronic dollar shortage. Meanwhile, the economy of Nigeria advanced by a stronger-than-expected 3.54% from a year ago in the second quarter of 2022, solely driven by the non-oil sector. The bank revised growth projections to 3.5% this year, compared with the forecast of 3.3%. Looking forward, Governor Emefiele warned about the possibility of more rate hikes if inflation continued to trend higher.
2022-09-27