Interest Rate in Nigeria
Nigeria - Interest Rate
Central Bank slows pace of tightening in November
At its 21–22 November meeting, the Monetary Policy Committee of the Central Bank of Nigeria delivered a 100 basis point increase that brought the monetary policy rate to 16.50%. The decision, which came on the heels of September’s 150 basis point hike, was not unanimous regarding the size of the hike; two of the 11 members preferred a 50 basis point increase. The Bank kept the asymmetric corridor, the cash reserve ratio and the liquidity ratio unchanged.
The decision was driven by the continued acceleration of headline inflation to 21.1% in October. That said, the Bank noted the deceleration of month-on-month consumer price increases, hinting that the effects of prior rate hikes are starting to be felt. This motivated the smaller-size increase. With regards to activity, the Committee noted that the economy continued to expand on an annual basis in Q3, and is expected to maintain this momentum in the final quarter of the year, providing ample room for the hike.
While the press release was void of explicit forward guidance, the Bank hinted at more rate hikes; it expects inflation to remain high.
FocusEconomics Consensus Forecast panelists projected that the monetary policy rate would end 2023 at 17.03% and 2024 at 15.50%.
Nigeria - Interest Rate Data
|Policy Interest Rate (%)||11.00||14.00||14.00||14.00||13.50|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Interest Rate Chart
Source: Central Bank of Nigeria
|Bond Yield||11.10||0.0 %||Dec 31|
|Exchange Rate||306.5||3.08 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
February 1, 2023
The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at a five-month low of 53.5 in January, down from December’s 54.6.
January 18, 2023
Inflation receded for the first time in over a year in December; it softened to 21.3%, down from November’s 21.5%.
January 3, 2023
The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at 54.6 in December, up from November’s 54.3.
December 1, 2022
The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at 54.3 in November, up from October's 53.6.
November 24, 2022
The Nigerian economy lost steam in the third quarter of 2022: GDP growth moderated to 2.2% year on year, from 3.5% in the second quarter.