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Nigeria Interest Rate
Last Release
Mar 26, 2024
Actual
24.75
Units In
%
Previous
22.75
Frequency
Daily
Next Release
May 21, 2024
Time to Release
1 Months 23 Days 22 Hours
Highest | Lowest | Average | Date Range | Source |
24.75 Mar 2024 | 6 Jul 2009 | 11.96 % | 2007-2024 | Central Bank of Nigeria |
In Nigeria, interest rate decisions are taken by The Central Bank of Nigeria. The official interest rate is the Monetary Policy Rate (MPR).
Latest Updates
The central bank of Nigeria raised its key monetary policy rate by 200bps to a fresh record high of 24.75% on March 26th 2024, in line with market forecasts, in an attempt to bring inflation under control. It follows a 400bps increase in the previous meeting, the biggest rise in borrowing costs in 17 years. Policymakers said they are convinced to continue with the tightening cycle. The annual inflation rate soared to a fresh 1996-high of 31.7% in February, mainly due to the effects of oil subsidy removal and devaluation of the naira.
Nigeria Interest Rate History
Last 12 readings
