Nigeria Interest Rate

Nigeria's central bank kept its benchmark lending rate at 27.50% on May 20, 2025, maintaining its policy stance for a second straight meeting, as it seeks a clearer understanding of near-term economic conditions. Nigeria’s annual inflation rate fell to 23.71% in April 2025, from 24.23% in March, but it remains persistently high, exhibiting an uneven trend since the CPI rebasement in January. The recent drop in oil prices, Nigeria's primary export, combined with a weakening naira since April—following the US imposition of a 10% tariff on trading partners, which rattled global markets—has further added to the uncertainty surrounding the inflation outlook.