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Nigeria Interest Rate

Nigeria's Monetary Policy Committee reduced its benchmark interest rate to 27% in September 2025. This move followed five consecutive months of disinflation with headline inflation falling to 20.12% in August 2025 from 21.88% in July. The committee aims to foster economic recovery and reduce financial pressures on consumers and corporations. The decision is supported by ongoing disinflation and expected further price decreases. It also considers a stable foreign exchange market and enhanced foreign reserves. Nigeria's record low interest rate was 11% in November 2015 and record high was 27.5% in November 2024.

Historical Data (2015-2025)

(in %)
Date Interest Rate
Sep 23, 2025 27%
Jul 22, 2025 27.5%
May 20, 2025 27.5%
Mar 31, 2025 27.5%
Feb 20, 2025 27.5%
Dec 31, 2024 27.5%
Nov 26, 2024 27.5%
Sep 24, 2024 27.25%
Jul 23, 2024 26.75%
May 21, 2024 26.25%
Mar 26, 2024 24.75%
Aug 31, 2023 18.75%
Jul 25, 2023 18.75%
May 23, 2023 18.5%
Mar 21, 2023 18%
Jan 24, 2023 17.5%
Nov 22, 2022 16.5%
Sep 27, 2022 15.5%
Jul 19, 2022 14%
May 24, 2022 13%
Mar 21, 2022 11.5%
Jan 25, 2022 11.5%
Nov 23, 2021 11.5%
Sep 21, 2021 11.5%
Jul 27, 2021 11.5%
May 25, 2021 11.5%
Mar 23, 2021 11.5%
Jan 26, 2021 11.5%
Nov 23, 2020 11.5%
Sep 21, 2020 11.5%
Jul 20, 2020 12.5%
May 28, 2020 12.5%
Mar 24, 2020 13.5%
Dec 31, 2019 13.5%
Nov 26, 2019 13.5%
Sep 24, 2019 13.5%
Jul 23, 2019 13.5%
May 21, 2019 13.5%
Mar 26, 2019 13.5%
Jan 22, 2019 14%
Nov 21, 2018 14%
Sep 19, 2018 14%
Jul 25, 2018 14%
May 23, 2018 14%
Apr 04, 2018 14%
Feb 28, 2018 14%
Jan 25, 2018 14%
Nov 21, 2017 14%
Sep 25, 2017 14%
Jul 25, 2017 14%
May 23, 2017 14%
Mar 21, 2017 14%
Jan 24, 2017 14%
Nov 21, 2016 14%
Sep 19, 2016 14%
Jul 25, 2016 14%
May 23, 2016 12%
Mar 21, 2016 12%
Jan 25, 2016 11%
Nov 25, 2015 11%
Sep 22, 2015 13%
Jul 24, 2015 13%

Recent Events

datetime event actual previous consensus
2025-09-23 09:00 AM Interest Rate Decision 27% 27.5% 27%

Next Release Date :

Nigeria Interest Rate : Definition
The Interest Rate set by the Central Bank of Nigeria is the benchmark cost of borrowing in the economy. It influences lending, spending, investment, inflation, and overall financial stability.
Indicator Last Value Prior Value Period
Current Account to GDP Ratio -0.5% -0.3% Dec'24
Debt to GDP Ratio 52.9% 48.7% Dec'24
Private Credit (% GDP) 12.96% 13.45% 2022