Nigeria Interest Rate - 2022 Data - 2007-2021 Historical

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Nigeria's central bank raised its benchmark lending rate by 25 basis points to a new record high of 27.50% on November 26th, 2024, marking the sixth consecutive hike this year. The decision was intended to tackle inflation and protect the battered naira in anticipation of a surge in dollar demand in December. Nigeria's inflation rate accelerated for the second straight month in October 2024, climbing to a four-month high of 33.9%. Meanwhile, the economy grew 3.46% annually in the third quarter, its fastest pace in three quarters, driven by the services sector. The naira has depreciated by around 46% against the dollar this year, partly due to efforts to allow it to float after being pegged at an artificially strong rate for years. It has also been affected by poor liquidity, despite the central bank’s attempts to alleviate pressure by supplying dollars to meet domestic demand. source: Central Bank of Nigeria

The benchmark interest rate in Nigeria was last recorded at 27.50 percent. Interest Rate in Nigeria averaged 12.43 percent from 2007 until 2024, reaching an all time high of 27.50 percent in November of 2024 and a record low of 6.00 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 December of 2024.

The benchmark interest rate in Nigeria was last recorded at 27.50 percent. Interest Rate in Nigeria is expected to be 27.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Interest Rate is projected to trend around 28.25 percent in 2025 and 26.25 percent in 2026, according to our econometric models.

Calendar	GMT	Reference		Actual	Previous	Consensus	TEForecast
2024-07-23	01:30 PM	Interest Rate Decision		26.75%	26.25%	26.25%
2024-09-24	01:00 PM	Interest Rate Decision		27.25%	26.75%	26.75%
2024-11-26	01:00 PM	Interest Rate Decision		27.5%	27.25%	27.25%

Related	Last	Previous	Unit	Reference
Cash Reserve Ratio	50.00	50.00	percent	Nov 2024
Deposit Interest Rate	11.65	12.08	percent	Oct 2024
Foreign Exchange Reserves	40240.00	39740.00	USD Million	Nov 2024
Interbank Rate	27.18	30.02	percent	Dec 2024
Interest Rate	27.50	27.25	percent	Nov 2024
Lending Rate	17.36	16.75	percent	Oct 2024
Money Supply M0	4549217.51	4311072.27	NGN Million	Oct 2024
Money Supply M1	34648675.56	35858833.05	NGN Million	Oct 2024
Money Supply M2	107654001.23	109401745.36	NGN Million	Oct 2024
Money Supply M3	107664835.92	109411154.85	NGN Million	Oct 2024

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).

Actual	Previous	Highest	Lowest	Dates	Unit	Frequency
27.50	27.25	27.50	6.00	2007 - 2024	percent	Daily

Compare Interest Rate by Country News Stream Nigeria Hikes Key Policy Rate for 6th Meeting Nigeria's central bank raised its benchmark lending rate by 25 basis points to a new record high of 27.50% on November 26th, 2024, marking the sixth consecutive hike this year. The decision was intended to tackle inflation and protect the battered naira in anticipation of a surge in dollar demand in December. Nigeria's inflation rate accelerated for the second straight month in October 2024, climbing to a four-month high of 33.9%. Meanwhile, the economy grew 3.46% annually in the third quarter, its fastest pace in three quarters, driven by the services sector. The naira has depreciated by around 46% against the dollar this year, partly due to efforts to allow it to float after being pegged at an artificially strong rate for years. It has also been affected by poor liquidity, despite the central bank’s attempts to alleviate pressure by supplying dollars to meet domestic demand. 2024-11-26 Nigeria Lifts Key Policy Rate to New High of 27.25% The Central Bank of Nigeria unanimously decided to further increase its benchmark interest rate by 50 bps to a new record high of 27.25% on September 24th, 2024, marking the fifth consecutive hike this year. The decision aimed at quelling inflation, supporting the naira and attracting investments. Governor Olayemi Cardoso emphasized that multiple rate hikes have helped to moderate inflation and reiterated the bank's commitment to bring inflation under control. The MPC noted that even though headline inflation trended downwards due to a moderation in food inflation, core inflation has remained elevated, driven primarily by rising energy prices. Furthermore, new pressures from devastating floods in the country’s food-producing regions have emerged, potentially pushing prices higher. 2024-09-24 Nigeria Raises Key Policy Rate to New High of 26.75% Nigeria's central bank raised its benchmark lending rate by 50 basis points to 26.75%, marking the fourth consecutive hike this year. This decision follows increases of 150 basis points in May, 200 basis points in March, and 400 basis points in February, the largest in 17 years. The hike aims to combat rising inflation, which hit 34.2% in June, driven by partial fuel subsidy removal and a 70% naira depreciation. Moreover, The central bank's Monetary Policy Committee stressed the urgency of addressing inflationary pressures, while remaining optimistic that prices will moderate soon. Meanwhile, Nigeria’s eurobonds saw gains, reflecting investor confidence in the country's debt. 2024-07-23 Related Nigeria Inflation Rate Quickens for 3rd Month Nigeria Private Sector Activity Contraction Eases Nigeria Hikes Key Policy Rate for 6th Meeting Nigeria GDP Growth Accelerates in Q3 Nigeria Logs Largest Trade Surplus on Record Nigerian Naira Hits Historic Low Nigeria Stocks Hit Fresh High S&P Affirms Nigeria's Ratings, Turns Negative on Outlook Nigeria Food Inflation at Over 17-Year High Nigeria Factory Activity Shrinks in December Latest Brazil 10-Year Bond Yield Drops Amid Government Intervantions US Stocks Ease After Christmas Break Brazilian Real Rebounds Amid Central Bank Actions Ibovespa Edges Lower After Holiday US Initial Jobless Claims Unexpectedly Ease Sensex Ends Flat Turkish Lira Weakens to Record Low Turkey Delivers 250bps Rate Cut French Unemployment At Over 2-Year High Uganda GDP Growth Accelerates to 6.7% in Q3 Nigeria United States United Kingdom Euro area China Afghanistan Albania Algeria Andorra Angola Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia Botswana Brazil Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Channel Islands Chile China Colombia Comoros Congo Costa Rica Cote d Ivoire Croatia Cuba Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic East Asia and Pacific East Timor Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Euro area European Union Europe and Central Asia Faeroe Islands Fiji Finland France French Polynesia Gabon Gambia Georgia Germany Ghana Greece Greenland Grenada Guam Guatemala Guinea Guinea Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Morocco Mozambique Myanmar Namibia Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria North Korea Norway Oman Pakistan Palau Panama Palestine Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Republic of the Congo Romania Russia Rwanda Samoa Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Asia South Korea South Sudan Spain Sri Lanka Sudan Suriname Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Venezuela Vietnam Virgin Islands Yemen Zambia Zimbabwe Calendar Forecast Indicators News

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