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 9.70 percent from 2007 until 2014, 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.

      Forecast    
Nigeria Interest Rate


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 Friday, February 27, 2015.


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.

The liquidity ratio was left unchanged at 30 percent; the cash reserve requirements on public deposit remained at 75 percent and the private sector funds at 20 percent.

Nigeria is Africa’s largest oil producer and the revenues from oil exports account for more than 70 percent of the government budget. Since June, oil prices dropped more than 50 percent, putting the pressure on the currency. Since the beginning of November, the naira lost more than 12 percent to the USD and on January 20th, it touched a record low 189.55 naira per dollar, above the bank's target band of 168 to the dollar.  

So far, the central bank has made several attempts to defend the currency. At its previous meeting on November 25th, policymakers raised the benchmark interest rate by 100 bps to 13 percent for the first time in three years and widened the currency band by 200 bps to 5 percent. In addition, on December 19th, the bank has imposed limits on currency trading by barring dealers from depositing their currency-trading funds overnight, preventing them from after-hours trading and placing bets for or against a single currency at the close of a trading session.


Central Bank of Nigeria | Carolina Cunha | carolina.cunha@tradingeconomics.com
1/20/2015 6:34:49 PM


Recent Releases

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


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-09-19 02:40 PM
Interest Rate Decision 
12% 12.0% 12.0% 12%
2014-11-25 01:50 PM
Interest Rate Decision 
13% 12% 12% 12%
2015-01-20 01:40 PM
Interest Rate Decision 
13% 13% 13% 13%
2015-03-25 01:30 PM
Interest Rate Decision 
13% 13.25%
2015-05-20 02:20 PM
Interest Rate Decision 
13.25%
2015-07-22 02:30 PM
Interest Rate Decision 
13.5%


Nigeria Money Last Previous Highest Lowest Unit
Interest Rate 13.00 13.00 13.00 6.00 percent [+]
Money Supply M0 1797978.87 1577889.36 1797978.87 193939.30 Nigerian Naira Million [+]
Money Supply M1 6266684.45 6678249.30 7420946.18 396991.90 Nigerian Naira Million [+]
Money Supply M2 16833244.57 16696663.77 16833244.57 648506.60 Nigerian Naira Million [+]
Foreign Exchange Reserves 4166778.95 3490667.54 4166778.95 88635.00 NGN Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.25 Feb/15 2.50 17.50 2.50 percent [+]
Brazil 12.25 Jan/15 11.75 45.00 7.25 percent [+]
Canada 0.75 Jan/15 1.00 16.00 0.25 percent [+]
China 5.60 Jan/15 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Jan/15 0.05 4.75 0.05 percent [+]
France 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Jan/15 0.05 4.75 0.05 percent [+]
India 7.75 Feb/15 7.75 14.50 4.25 percent [+]
Indonesia 7.50 Feb/15 7.75 12.75 5.75 percent [+]
Italy 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Feb/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jan/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Russia 15.00 Jan/15 17.00 17.00 5.00 percent [+]
South Korea 2.00 Feb/15 2.00 5.25 2.00 percent [+]
Spain 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jan/15 -0.25 3.50 -0.75 percent [+]
Turkey 7.50 Feb/15 7.75 500.00 4.50 percent [+]
United Kingdom 0.50 Feb/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jan/15 0.25 20.00 0.25 percent [+]