Key data points
Last release
—
Observation period
Nov 26, 2024
Next release
—
Forecast
—
Highest
27.50 % on Nov 26, 2024
Lowest
6.00 % on Aug 31, 2010
About 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).
Related indicators
Frequently Asked Questions
Nigeria interest rate is 27.5% at the moment.
Last month Nigeria interest rate was 27.5%, and the month before that it amounted to 27.25%.
Interest rate is the proportion of a loan that is charged as interest to the borrower, typically an annual percentage of the loan outstanding. When it comes to the national level, interest rate is a rate at which banks borrow money from a country's central bank.
Yes, negative interest rate can be used by the government as a monetary policy tool to stimulate economy growth.
Growing or falling interest rate can influence the country's economy, stimulate it or lower the inflation level. Even people can feel the effect of interest rate's movements — for example, if interest rate increases, loans get more expensive.