Nigeria's central bank unanimously maintained its benchmark lending rate at 27.50% on February 20, 2025, following a 25bps hike in November. The decision comes after six consecutive rate hikes last year, totaling 875 basis points. Governor Olayemi Cardoso noted the MPC’s satisfaction with recent macroeconomic trends, particularly the naira's stability since December, but emphasized the need for continued price monitoring following changes in the CPI methodology. Nigeria’s headline inflation dropped to 24.48% in January, sharply lower than last month’s 34.80% after a rebasing exercise to reflect changes in consumption patterns. Since early 2024, the CBN has pursued an aggressive tightening cycle to rein in inflation and stabilize the naira. source: Central Bank of Nigeria

The benchmark interest rate in Nigeria was last recorded at 27.50 percent. Interest Rate in Nigeria averaged 12.71 percent from 2007 until 2025, reaching an all time high of 27.50 percent in November of 2024 and a record low of 6.00 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 March of 2025.

The benchmark interest rate in Nigeria was last recorded at 27.50 percent. Interest Rate in Nigeria is expected to be 27.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Interest Rate is projected to trend around 26.25 percent in 2026 and 24.25 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-09-24 01:00 PM
Interest Rate Decision
27.25% 26.75% 26.75%
2024-11-26 01:00 PM
Interest Rate Decision
27.5% 27.25% 27.25%
2025-02-20 01:00 PM
Interest Rate Decision
27.5% 27.5% 27.5%
2025-05-20 01:00 PM
Interest Rate Decision
27.5%
2025-07-22 01:00 PM
Interest Rate Decision
2025-09-23 01:00 PM
Interest Rate Decision


Related Last Previous Unit Reference
Cash Reserve Ratio 50.00 50.00 percent Feb 2025
Deposit Interest Rate 11.99 11.59 percent Jan 2025
Foreign Exchange Reserves 38500.00 39770.00 USD Million Feb 2025
Interbank Rate 32.42 26.68 percent Mar 2025
Interest Rate 27.50 27.50 percent Feb 2025
Lending Rate 18.49 18.56 percent Jan 2025
Money Supply M0 5235432.14 4878125.22 NGN Million Jan 2025
Money Supply M1 36894418.66 36273927.36 NGN Million Jan 2025
Money Supply M2 110972270.50 108946684.26 NGN Million Jan 2025
Money Supply M3 110972270.50 108966480.44 NGN Million Jan 2025

Nigeria Interest Rate
In Nigeria, interest rate decisions are taken by The Central Bank of Nigeria. The official interest rate is the Monetary Policy Rate (MPR).
Actual Previous Highest Lowest Dates Unit Frequency
27.50 27.50 27.50 6.00 2007 - 2025 percent Daily


News Stream
Nigeria Pauses Tightening Cycle
Nigeria's central bank unanimously maintained its benchmark lending rate at 27.50% on February 20, 2025, following a 25bps hike in November. The decision comes after six consecutive rate hikes last year, totaling 875 basis points. Governor Olayemi Cardoso noted the MPC’s satisfaction with recent macroeconomic trends, particularly the naira's stability since December, but emphasized the need for continued price monitoring following changes in the CPI methodology. Nigeria’s headline inflation dropped to 24.48% in January, sharply lower than last month’s 34.80% after a rebasing exercise to reflect changes in consumption patterns. Since early 2024, the CBN has pursued an aggressive tightening cycle to rein in inflation and stabilize the naira.
2025-02-20
Nigeria Hikes Key Policy Rate for 6th Meeting
Nigeria's central bank raised its benchmark lending rate by 25 basis points to a new record high of 27.50% on November 26th, 2024, marking the sixth consecutive hike this year. The decision was intended to tackle inflation and protect the battered naira in anticipation of a surge in dollar demand in December. Nigeria's inflation rate accelerated for the second straight month in October 2024, climbing to a four-month high of 33.9%. Meanwhile, the economy grew 3.46% annually in the third quarter, its fastest pace in three quarters, driven by the services sector. The naira has depreciated by around 46% against the dollar this year, partly due to efforts to allow it to float after being pegged at an artificially strong rate for years. It has also been affected by poor liquidity, despite the central bank’s attempts to alleviate pressure by supplying dollars to meet domestic demand.
2024-11-26
Nigeria Lifts Key Policy Rate to New High of 27.25%
The Central Bank of Nigeria unanimously decided to further increase its benchmark interest rate by 50 bps to a new record high of 27.25% on September 24th, 2024, marking the fifth consecutive hike this year. The decision aimed at quelling inflation, supporting the naira and attracting investments. Governor Olayemi Cardoso emphasized that multiple rate hikes have helped to moderate inflation and reiterated the bank's commitment to bring inflation under control. The MPC noted that even though headline inflation trended downwards due to a moderation in food inflation, core inflation has remained elevated, driven primarily by rising energy prices. Furthermore, new pressures from devastating floods in the country’s food-producing regions have emerged, potentially pushing prices higher.
2024-09-24