The Central Bank of Nigeria voted unanimously to leave its monetary policy rate unchanged at 11.5% during its May 2021 meeting, as widely expected. The move is expected to allow further economic growth, despite persistent inflationary pressures, after the country exited recession last year. Nigeria's annual inflation rate declined slightly to 18.12% in April 2021 from 18.17% in March, but remained well above the central bank's target range of 6-9%, continuing a trend that began in 2015. Meanwhile, latest data showed Nigeria's economy advanced by just 0.5% in the first three months of 2021, slightly faster than a 0.1% rise in the last quarter of 2020, suggesting a slow recovery. 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 July of 2021.
Interest Rate in Nigeria is expected to be 11.50 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 12.50 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.