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.

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Nigeria Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
11.50 11.50 14.00 6.00 2007 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-09-22 01:30 PM 11.5% 12.5% 12.5%
2020-11-24 01:30 PM 11.5% 11.5% 11.5% 11.5%
2021-01-26 01:30 PM 11.5% 11.5% 11.5%
2021-03-23 01:30 PM 11.5% 11.5% 11.5%
2021-05-25 01:30 PM 11.5% 12%
2021-07-27 01:30 PM
2021-09-21 01:30 PM
2021-11-23 01:30 PM


News Stream
Nigeria Leaves Monetary Policy Unchanged
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.
2021-03-23
Nigeria Holds Key Interest Rate Steady at 11.5%
The Central Bank of Nigeria left its monetary policy rate unchanged at 11.5% during its January 2021 meeting. Policymakers were again confronted with a policy dilemma as to whether to aggressively combat the inflationary pressure or support measures currently aimed at stimulating growth and reversing the recession. Although the economy is currently in a stagflation environment with simultaneous occurrence of inflationary pressures and contracting output, the Committee resolved to reverse both developments and continue pursuing price stability while stimulating growth. In December, headline inflation climbed further to an over three-year high of 15.75%, mainly linked to dollar shortages and surging jihadist attacks in farming areas as well as lingering disruptions from the COVID-19 pandemic. At the same time, Nigeria slipped into its second recession in four years in the third quarter of 2020, amid the twin impact of COVID-19 restrictions and low oil prices.
2021-01-26
Nigeria Leaves Monetary Policy Unchanged
The Central Bank of Nigeria left its monetary policy rate unchanged at 11.5% during its November meeting, unexpectedly trimming it by 100 bps on September 21st. The decision reflected the priority to further stimulate a contracting economy despite quickening inflation, which has remained above the Bank’s target range for over five years now. Nigeria slipped into its second recession in four years in the third quarter of 2020, amid the twin impact of COVID-19 restrictions and low oil prices. Governor Emefiele said the bank was "cautiously optimistic" of positive growth in the fourth quarter of the year and expected Nigeria to exit recession in the first quarter of 2021. Policymakers noted that inflation continued to climb to an over two-year high of 14.23% in October, but it should start moderating in the medium term.
2020-11-24
Nigeria Unexpectedly Cuts Key Interest Rate to 11.5%
The Central Bank of Nigeria unexpectedly slashed its monetary policy rate by 100 bps to 11.5% during its September 2020 meeting, bringing borrowing costs to the lowest since 2016. This was the second rate cut this year and came even as inflation has been above target since 2015, to continue supporting the economy that plunged 6.1% in the Q2 hit by the global pandemic. Meanwhile, headline inflation continued to climb to an over two-year high of 13.2% in August, pushed by higher food prices that remain under pressure due to floods, a weaker currency and clashes between herders and farmers. The Committee said that the economy may continue to grapple with the effects of the pandemic throughout the rest of the year, projecting growth in Q4 2020, or at least by Q1 2021. The central bank stressed the urgent need for a combination of broad-based monetary and fiscal policy measures to curb the rise in inflation and contraction in output growth.
2020-09-22

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).