Nigeria Interest Rate 2007-2015 | Data | Chart | Calendar | Forecast

The benchmark interest rate in Nigeria was last recorded at 13 percent. Interest Rate in Nigeria averaged 9.92 percent from 2007 until 2015, reaching an all time high of 13 percent in November of 2014 and a record low of 6 percent in July of 2009. Interest Rate in Nigeria is reported by the Central Bank of Nigeria.

Nigeria Interest Rate
Please Paste this Code in your Website

Actual Previous Highest Lowest Dates Unit Frequency
13.00 13.00 13.00 6.00 2007 - 2015 percent Daily
In Nigeria, interest rate decisions are taken by The Central Bank of Nigeria. The official interest rate is the Monetary Policy Rate (MPR). This page provides - Nigeria Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Nigeria Interest Rate - was last refreshed on Tuesday, September 1, 2015.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-03-24 01:30 PM 13% 13% 13% 13%
2015-05-19 02:30 PM 13% 13% 13% 13.0%
2015-07-24 02:30 PM 13% 13% 13% 13%
2015-09-18 02:40 PM 13% 13.0330%
2015-11-25 01:50 PM 13.0801%


Nigeria Leaves Monetary Policy Unchanged


Nigeria’s central bank left the monetary policy rate on hold at 13 percent on July 24th. As policymakers voiced concern over the rise in headline inflation, while saying that monetary policy is going to remain tight due to high liquidity.

The CRR on Private and Public Sector deposits were both retained at 31 percent. The liquidity ratio was retained at 30 percent.

Nigeria inflation rate grew for the seventh consecutive month to a 2-year high of 9.2 percent in June of 2015. The naira depreciation along with irregularity of the fuel supply and delay in a rainy season continued to push food costs up. 

Meanwhile, the government saw its revenues fall this year, as the country struggled to deal with the persistent drop in crude prices, forcing the central bank to use its forex reserves to support the naira. On July 22nd, the reserves had fallen 20.9 percent to $30.7 billion from $38.8 billion a year earlier. Last month, additional measures were taken by the central bank to restrict access to the foreign exchange market in an attempt to preserve the falling forex reserves.

Central Bank of Nigeria | joana.ferreira@tradingeconomics.com
7/24/2015 4:04:38 PM


Recent Releases

Nigeria Holds Key Interest Rate at 13 percent
Nigeria’s central bank left the monetary policy rate unchanged at 13 percent on May 19th, while setting a unified cash reserve requirement for public and private sector deposits. Policymakers showed concern over foreign reserves level, while saying that monetary policy is gradually approaching the limits of tightening.
Published on 2015-05-19

Nigeria Leaves Monetary Policy Unchanged
Nigeria’s central bank left the monetary policy rate unchanged at 13 percent at its March 24th meeting, as the current policy stance should be enough to anchor inflation expectations.
Published on 2015-03-24

Nigeria Keeps Interest Rate on Hold at 13%
Nigeria’s central bank left the monetary policy rate unchanged at 13 percent at its January 20th meeting, and remained defiant against the pressure to devalue the currency.
Published on 2015-01-20

Nigeria Interest Rate at Record High
Nigeria’s central bank devalued the naira and raised the monetary policy rate by 100 bps to 13 percent as it tries to defend the currency hit by lower oil prices.
Published on 2014-11-25


Nigeria Money Last Previous Highest Lowest Unit
Interest Rate 13.00 13.00 13.00 6.00 percent [+]
Money Supply M0 1574525.32 1562346.08 1818420.42 193939.30 Nigerian Naira Million [+]
Money Supply M1 6471057.20 6542392.20 7420946.18 396991.90 NGN Million [+]
Money Supply M2 18424703.08 18811429.40 19267592.95 648506.60 NGN Million [+]
Foreign Exchange Reserves 31430.00 31222.81 62081.86 63.22 USD Million [+]
Cash Reserve Ratio 31.00 31.00 31.00 1.00 Percent [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Sep/15 2.00 17.50 2.00 percent [+]
Brazil 14.25 Jul/15 13.75 45.00 7.25 percent [+]
Canada 0.50 Jul/15 0.75 16.00 0.25 percent [+]
China 4.60 Aug/15 4.85 10.98 4.60 percent [+]
Euro Area 0.05 Jul/15 0.05 4.75 0.05 percent [+]
India 7.25 Aug/15 7.25 14.50 4.25 percent [+]
Indonesia 7.50 Aug/15 7.50 12.75 5.75 percent [+]
Japan 0.00 Aug/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jul/15 3.00 9.25 3.00 percent [+]
Russia 11.00 Jul/15 11.50 17.00 5.00 percent [+]
South Korea 1.50 Aug/15 1.50 5.25 1.50 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Aug/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Aug/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jul/15 0.25 20.00 0.25 percent [+]