Nigeria Interest Rate  2007-2017 | Data | Chart | Calendar | Forecast

The Central Bank of Nigeria hold its benchmark interest rate unchanged at 14 percent at its January 2017 meeting, saying the economy remains in recession and inflationary pressures have yet to recede. Policymakers expect the GDP to come back to growth in 2017, boosted by agriculture after the expansion of the Anchor Borrower Program while price pressures are expected to ease and the currency to stabilise. Interest Rate in Nigeria averaged 10.28 percent from 2007 until 2016, reaching an all time high of 14.00 percent in July of 2016 and a record low of 6.00 percent in July of 2009.

Nigeria Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-09-20 01:45 PM Interest Rate Decision 14% 14% 14% 14%
2016-11-22 01:35 PM Interest Rate Decision 14% 14% 14% 14%
2017-01-24 01:50 PM Interest Rate Decision 14% 14% 14% 14%
2017-03-21 01:30 PM Interest Rate Decision 14%
2017-05-23 01:30 PM Interest Rate Decision
2017-07-25 01:30 PM Interest Rate Decision




Nigeria Leaves Monetary Policy Unchanged


The Central Bank of Nigeria hold its benchmark interest rate unchanged at 14 percent at its January 2017 meeting, saying the economy remains in recession and inflationary pressures have yet to recede. Policymakers expect the GDP to come back to growth in 2017, boosted by agriculture after the expansion of the Anchor Borrower Program while price pressures are expected to ease and the currency to stabilise.

Excerpts from the Statement by the Central Bank of Nigeria:

Conscious of the prevailing market sentiments in favour of a rate cut, the Committee reasoned that most of its decisions in 2016 were informed by the need to address the delicate balance between price stability and growth. Noting that the pressures on consumer prices were yet to abate and even as the economy continued to be in recession despite the intervention support by the Central Bank, the Committee stressed that it was not oblivious of the full ramifications of the economic challenges facing the country. The MPC was concerned that the current situation was not amenable to simplistic analyses and quick fixes such as have found expression and increased attention at different fora and the media. The domestic economic challenges which include a chronically import dependent consumption culture, lack of competitiveness of many sectors of the economy and yawning infrastructural gap, have combined with an unfavorable external environment to complicate the macroeconomic policy environment. The Monetary Authority had on many occasions, and to the extent feasible, taken extra-ordinary steps to support other policies as well as compensate for aspects of structural gaps in the economy even at the expense of its core mandate.

The Committee specifically noted the positive contribution of agriculture to GDP in the third quarter, mostly attributable to the Bank’s interventions in the sector. The Committee hopes that given the thrust of the 2017 budget and accompanying sectoral policies, output growth should resume in the short to medium term. The MPC, therefore, lends its voice to efforts for an early finalization of the 2017 Federal Budget by the authorities concerned, and the resolve to pursue a non-oil driven economy, as these will go a long way in stimulating aggregate demand and restoring confidence in the economy. The Committee also urged the authorities to seriously consider using the Public Private Partnership (PPP) model in its infrastructure development programme as a means of cushioning any possible shocks to budgeted revenue. 

The Committee further noted that inflationary pressures would begin to subside as non-oil output recovers and the naira exchange rate stabilizes. Until then, it stressed, a rate cut would worsen the inflationary conditions and undermine the current outlook for stability in the foreign exchange market. The Committee also feels that doing so would further aggravate demand pressures while undermining existing income levels in the face of the already expansionary monetary policy and increasing inflationary pressure which will make the economy unattractive for foreign and domestic investment. Given these limitations, the Committee was reluctant to lower the policy rate on this occasion but remained committed to doing so when the conditions permit. 

In summary, the MPC decided to: 
(i) Retain the MPR at 14 percent;  
(ii) Retain the CRR at 22.5 percent; 
(iii) Retain the Liquidity Ratio at 30.00 percent.

Central Bank of Nigeria | Deborah Neves | deborah.neves@tradingeconomics.com
1/24/2017 3:55:51 PM



Nigeria Money Last Previous Highest Lowest Unit
Interest Rate 14.00 14.00 14.00 6.00 percent [+]
Cash Reserve Ratio 22.50 22.50 31.00 1.00 percent [+]
Money Supply M0 2179174.28 1907863.84 2179174.28 193939.30 NGN Million [+]
Money Supply M1 11520166.67 10429541.34 11520166.67 396991.90 NGN Million [+]
Money Supply M2 23840392.42 22382915.05 23840392.42 648506.60 NGN Million [+]
Foreign Exchange Reserves 27880.00 25720.00 62081.86 63.22 USD Million [+]
Deposit Interest Rate 9.10 9.34 23.24 5.27 percent [+]
Interbank Rate 0.00 0.00 38.96 0.00 percent [+]
Lending Rate 17.09 17.06 37.80 6.00 percent [+]



Nigeria Interest Rate Notes

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. Nigeria Interest Rate - actual data, historical chart and calendar of releases - was last updated on February of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
14.00 14.00 14.00 6.00 2007 - 2017 percent Daily



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