The Central Bank of Nigeria left its monetary policy rate unchanged at 11.5% during its November meeting, unexpectedly trimming it by 100 bps on September 21st. The decision reflected the priority to further stimulate a contracting economy despite quickening inflation, which has remained above the Bank’s target range for over five years now. Nigeria slipped into its second recession in four years in the third quarter of 2020, amid the twin impact of COVID-19 restrictions and low oil prices. Governor Emefiele said the bank was "cautiously optimistic" of positive growth in the fourth quarter of the year and expected Nigeria to exit recession in the first quarter of 2021. Policymakers noted that inflation continued to climb to an over two-year high of 14.23% in October, but it should start moderating in the medium term. source: Central Bank of Nigeria
Interest Rate in Nigeria averaged 11.22 percent from 2007 until 2020, reaching an all time high of 14 percent in July of 2016 and a record low of 6 percent in July of 2009. This page provides - Nigeria Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
Interest Rate in Nigeria is expected to be 11.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Nigeria to stand at 11.50 in 12 months time. In the long-term, the Nigeria Interest Rate is projected to trend around 11.50 percent in 2021 and 10.50 percent in 2022, according to our econometric models.