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Nigeria Interest Rate

Last Release
May 2020
Actual
12.5 %
Forecast
12.5 %
Previous
13.5 %
Frequency
Daily
Units In
%
Next Release
Jul 20, 2020
Time to Release
1 Months 14 Days 13 Hours
Highest
Lowest
Average
Date Range
Source
14 %
Nov 2018
6 %
Apr 2010
11.19 %2007 - 2020Central 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 left its benchmark interest rate unchanged at 13.5% during its January meeting, as widely expected, as it seeks to contain price pressures. In December 2019, headline inflation rose to a 20-month high of 11.98%, well above the bank's target of 9%, amid lingering effects of borders closure and seasonal demand during the festive season. The bank also noted that growth improved slowly as the economy expanded 2.28% in Q3 2019 compared with 2.12% and 2.81% in the previous and corresponding quarters of 2018, respectively, largely driven by the oil sector. The GDP is seen growing 2.20% in Q4 2019 and 2.35% in Q1 2020. Other monetary policy parameters were kept steady but the cash reserve ratio was raised to 27.5% from 22.5%, for the first time in four years, to prevent potential inflationary pressures arising from excess liquidity in the banking system.

Nigeria Interest Rate History

Last 12 readings

Latest Releases and Calendar Events

DATETIMETITLE
Jan 24, 202017:29Nigeria Holds Key Interest Rate at 13.5%
Nov 26, 201918:01Nigeria Holds Interest Rate Steady at 13.5%
Sep 20, 201915:59Nigeria Keeps Policy Rate at 13.5%
Jul 23, 201917:16Nigeria Holds Key Interest Rate at 13.5%
May 21, 201916:17Nigeria Holds Interest Rate Steady at 13.5%
Mar 26, 201917:47Nigeria Cuts Key Interest Rate to 13.5%

A Look at the Markets

Educational Pieces on Marco Indicators

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Nigeria money Indicators

All Nigeria indicators
Indicator
Last
Previous
Min
Max
Unit
Frequency
Range
Cash Reserve Ratio
27.5
May 2020
27.5
Apr 2020
1
Nov 2010
31
Jul 2015
%Monthly2007 - 2020
Deposit Interest Rate
6.17
Feb 2020
5.85
Jan 2020
2
Aug 1977
27
Sep 1993
%Monthly1970 - 2020
Foreign Exchange Reserves
36,400
May 2020
33,440
Apr 2020
63.22
Jun 1968
62,081.86
Sep 2008
USD MillionMonthly1960 - 2020
Interbank Rate
12.11
Nov 2019
12.11
Nov 2019
0
Apr 2018
38.96
Sep 2013
%Daily2007 - 2019
Money Supply M3
35,116,968.08
Oct 2018
34,255,438.69
Sep 2018
10,478,417.29
Jan 2010
35,116,968.08
Oct 2018
NGN MillionMonthly2009 - 2018
Money Supply M0
2,307,392.55
Apr 2020
2,296,174.39
Mar 2020
193,939.3
Feb 2000
2,442,985.64
Dec 2019
NGN MillionMonthly2000 - 2020

Interest Rate across Africa

Interest Rate global view
Country
Last
Previous
Min
Max
Unit
Frequency
Range
Algeria
3
May 2020
3
Apr 2020
2.75
Jun 1986
21
Dec 1994
%Daily1963 - 2020
Benin
4.5
Apr 2020
4.5
Mar 2020
3.5
Oct 2016
4.5
Nov 2018
%Daily2010 - 2020
Burkina Faso
4.5
Apr 2020
4.5
Mar 2020
3.5
Oct 2016
4.5
Dec 2018
%Daily2010 - 2020
Burundi
5.22
Oct 2019
5.29
Sep 2019
5.07
Jun 2018
16.24
Jul 2012
%Daily2007 - 2019
Cameroon
3.25
Apr 2020
3.25
Mar 2020
2.45
Oct 2016
4.25
Apr 2010
%Daily2009 - 2020
Cape Verde
1
Apr 2020
1
Mar 2020
1
Mar 2020
10.5
Apr 1999
%Daily1998 - 2020

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