Nigeria Interest Rate 2007-2014 | Data | Chart | Calendar | Forecast

The benchmark interest rate in Nigeria was last recorded at 13 percent. Interest Rate in Nigeria averaged 9.66 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 12.00 13.00 6.00 2007 - 2014 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 Thursday, December 18, 2014.


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.

Since the beginning of November, the naira lost more than 7 percent to the USD as falling oil prices dragged confidence on the country's assets down.  

Extracts from Central Bank of Nigeria Communique 

In order to allow some flexibility in the exchange rate to stem speculative activities and depletion of reserves and to further tighten the monetary policy stance to anchor inflation expectations the committee decided to:
1. Increase the Monetary Policy rate by 100 basis points from 12 to 13 percent
2. Increase the Cash Reserve Ratio on private sector deposits by 500 basis points from 15 percent to 20 percent with immediate effect
3. Move the midpoint of the official window of the foreign exchange market from N155/US$ to N168/US$
4. Widen the band around the midpoint by 200 basis points from +/-3 percent to +/-5 percent.
5. Retain public sector Cash Reserve Ratio at its current level of 75 percent
6. Maintain a symmetric corridor of +/- 200 basis points around the Monetary Policy rate
7. Retain the foreign exchange trading position at 1 percent.

Central Bank of Nigeria | Ricardo Martins | ricardo.martins@tradingeconomics.com
11/25/2014 3:47:46 PM


Recent Releases

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 Leaves Benchmark Interest Rate on Hold at 12%
At its July meeting, Nigeria’s central bank decided to hold the benchmark interest rate at 12.0 percent, but hinted a gradual rate cut in the next years as price pressures ease. Published on 2014-07-23


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-07-22 02:30 PM
Interest Rate Decision 
12.0% 12.0% 12% 12%
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%
2015-03-25 01:30 PM
Interest Rate Decision 
13.5%
2015-05-20 02:20 PM
Interest Rate Decision 
13.5%
2015-07-22 02:30 PM
Interest Rate Decision 
13.75%


Nigeria Money Last Previous Highest Lowest Unit
Interest Rate 13.00 12.00 13.00 6.00 percent [+]
Money Supply M0 1534009.52 1548322.97 1776813.16 193939.30 Nigerian Naira Million [+]
Money Supply M1 6519097.92 6616408.18 7420946.18 396991.90 Nigerian Naira Million [+]
Money Supply M2 16322970.04 16570245.98 16570245.98 648506.60 Nigerian Naira Million [+]
Foreign Exchange Reserves 3542829.39 3334367.31 3816502.55 88635.00 NGN Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.50 Dec/14 2.50 17.50 2.50 percent [+]
Brazil 11.75 Dec/14 11.25 45.00 7.25 percent [+]
Canada 1.00 Dec/14 1.00 16.00 0.25 percent [+]
China 5.60 Nov/14 6.00 10.98 5.31 percent [+]
Euro Area 0.05 Dec/14 0.05 4.75 0.05 percent [+]
France 0.05 Dec/14 0.05 4.75 0.05 percent [+]
Germany 0.05 Dec/14 0.05 4.75 0.05 percent [+]
India 8.00 Dec/14 8.00 14.50 4.25 percent [+]
Indonesia 7.75 Dec/14 7.75 12.75 5.75 percent [+]
Italy 0.05 Dec/14 0.05 4.75 0.05 percent [+]
Japan 0.00 Nov/14 0.00 9.00 0.00 percent [+]
Mexico 3.00 Dec/14 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Dec/14 0.05 4.75 0.05 percent [+]
Russia 17.00 Dec/14 9.50 17.00 5.00 percent [+]
South Korea 2.00 Dec/14 2.00 5.25 2.00 percent [+]
Spain 0.05 Dec/14 0.05 4.75 0.05 percent [+]
Switzerland 0.00 Dec/14 0.00 3.50 0.00 percent [+]
Turkey 8.25 Nov/14 8.25 500.00 4.50 percent [+]
United Kingdom 0.50 Dec/14 0.50 17.00 0.50 percent [+]
United States 0.25 Dec/14 0.25 20.00 0.25 percent [+]