Nigeria Interest RateNigeria Interest RateNigeria Interest Rate

Nigeria Interest Rate

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About Nigeria Interest Rate

Category
Money
Frequency
Monthly
Units
%
In Nigeria, interest rate decisions are taken by The Central Bank of Nigeria. The official interest rate is the Monetary Policy Rate (MPR).

Frequently Asked Questions

Nigeria Interest Rate is 24.75% at the moment.
Last month Nigeria Interest Rate was 24.75%, and the month before that it amounted to 22.75%.
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.