The Central Bank of Nigeria left its monetary policy rate unchanged at 11.5% during its January 2021 meeting. Policymakers were again confronted with a policy dilemma as to whether to aggressively combat the inflationary pressure or support measures currently aimed at stimulating growth and reversing the recession. Although the economy is currently in a stagflation environment with simultaneous occurrence of inflationary pressures and contracting output, the Committee resolved to reverse both developments and continue pursuing price stability while stimulating growth. In December, headline inflation climbed further to an over three-year high of 15.75%, mainly linked to dollar shortages and surging jihadist attacks in farming areas as well as lingering disruptions from the COVID-19 pandemic. At the same time, 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. source: Central Bank of Nigeria
Interest Rate in Nigeria averaged 11.23 percent from 2007 until 2021, 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 February of 2021.
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 12.00 percent in 2022, according to our econometric models.