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 9.86 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.

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Nigeria Interest Rate
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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 Sunday, July 5, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-01-20 01:40 PM 13% 13% 13% 13%
2015-03-24 01:30 PM 13% 13% 13% 13%
2015-05-19 02:30 PM 13% 13% 13% 13.0%
2015-07-22 02:30 PM 13% 13%
2015-09-18 02:40 PM 13%
2015-11-25 01:50 PM 13.25%


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.

The CRR on Private and Public Sector deposits were both set at 31 percent. Previously, the rate for private sector funds was 20 percent and 75 percent for public funds. The liquidity ratio was retained at 30 percent.

Nigeria's forex reserves have been on a downward trend since last year, as central bank had to use them to support the naira which lost about 20 percent to the USD since November of 2014. On May 15th, the reserves dropped 20.6 percent year-on-year to $ 29.80 billion (from $ 37.54 billion). 

As a result of naira depreciation, imported food prices have been pushing inflation up. In April 2015, it edged up to nearly 2-year high of 8.7 percent. Meanwhile, the GDP expanded an annual 3.96 percent in the first three months of 2015, the slowest pace since the last quarter of 2012.

Excerpt from the statement by the Central Bank of Nigeria:

“The Committee stressed the need for proactive measures to protect the reserves buffer, to safeguard the value of the domestic currency, and engender the overall stability of the banking system.”

Central Bank Nigeria | Joana Ferreira | joana.ferreira@tradingeconomics.com
5/19/2015 5:57:25 PM


Recent Releases

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 Leaves Monetary Policy Unchanged
At its September meeting, Nigeria’s central bank decided to hold the benchmark interest rate at 12.0 percent, showing concerns about high banking system liquidity and its potential effects on inflation and the exchange rate.
Published on 2014-09-19


Nigeria Money Last Previous Highest Lowest Unit
Interest Rate 13.00 13.00 13.00 6.00 percent [+]
Money Supply M0 6994086.14 1622701.06 6994086.14 193939.30 Nigerian Naira Million [+]
Money Supply M1 6994086.14 6046785.57 7420946.18 396991.90 Nigerian Naira Million [+]
Money Supply M2 19142526.05 16546294.46 19142526.05 648506.60 Nigerian Naira Million [+]
Foreign Exchange Reserves 4118713.33 4079037.06 4166778.95 88635.00 NGN Million [+]
Cash Reserve Ratio 31.00 31.00 31.00 1.00 Percent [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Jun/15 2.00 17.50 2.00 percent [+]
Brazil 13.75 Jun/15 13.25 45.00 7.25 percent [+]
Canada 0.75 May/15 0.75 16.00 0.25 percent [+]
China 4.85 Jun/15 5.10 10.98 4.85 percent [+]
Euro Area 0.05 Jun/15 0.05 4.75 0.05 percent [+]
France 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Jun/15 0.05 4.75 0.05 percent [+]
India 7.25 Jun/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 Jun/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Jun/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jun/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Russia 11.50 Jun/15 12.50 17.00 5.00 percent [+]
South Korea 1.50 Jun/15 1.75 5.25 1.50 percent [+]
Spain 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Jun/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Jun/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jun/15 0.25 20.00 0.25 percent [+]