The Central Bank of Nigeria left its monetary policy rate unchanged at 11.5% during its March 2021 meeting, to help to consolidate the country's recovery process despite intensifying inflationary pressures. Headline inflation hit a four-year high of 17.33% in February, as a result of persistent insecurity caused by rising kidnappings and conflicts between farmers and cattle herders, upward foreign exchange adjustments, ports congestion, and Covid-19-induced supply chain disruptions. Meantime, the GDP increased 0.1% year-on-year in the fourth quarter of 2020, the first expansion in the last three quarters, helped by the gradual return of economic activities following the easing of coronavirus restrictions. Governor Emefiele also addressed reports Nigeria is unifying its foreign exchange rates, having denied that the country is adopting a new foreign exchange management policy. source: Central Bank of Nigeria
Interest Rate in Nigeria averaged 11.23 percent from 2007 until 2021, 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 2021.
Interest Rate in Nigeria is expected to be 12.00 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 12.50 in 12 months time. In the long-term, the Nigeria Interest Rate is projected to trend around 12.50 percent in 2022 and 13.00 percent in 2023, according to our econometric models.