Nigeria - Taux d'intérêt

The Central Bank of Nigeria held its monetary policy rate at 13.5 percent during its September meeting, as widely expected, as inflation remains persistently above the Bank's target range of 6-9 percent and economic growth remains sluggish. The bank's governor Godwin Emefiele said at a press conference that tightening rates could constrain growth while loosening it could allow inflation to rise, and that holding rates steady would allow the bank to appraise the impact of current policies, such as changes to the loan to deposit ratios at banks, that comes into force at the end of September, aiming to increase lending and foster growth.

The Central Bank of Nigeria held its monetary policy rate at 13.5 percent during its July meeting, as widely expected, as inflation rate remains well above the bank's target range of 6-9 percent and GDP growth remains subdued. The bank's governor Godwin Emefiele said at a press conference he is not in a hurry to bring interest rates down, but will start reviewing bank's loan to deposit ratio after September 30th aiming at increase lending and stimulate growth.

The Central Bank of Nigeria left its benchmark interest rate steady at 13.5% on May 21st 2019, as widely expected, following a surprise 0.5 percentage point cut at the previous meeting. The decision came as headline inflation edged up to 11.37% in April from 11.25% in the prior month, moving further above the bank's target range of 6%-9%. Policymakers also mentioned that growth remains fragile as economy expanded only 2.01% in Q1 2019 compared to 2.38% in the prior quarter, amid a slump in the country's oil sector.

The Central Bank of Nigeria decided to cut its benchmark interest rate by 50 bps to 13.5% on March 26th 2019, mainly to stimulate the economy. The move surprised markets who had expected the rate to remain steady at 14% and marks the first rate cut since November 2015. Six out of the eleven members of the monetary policy committee voted to reduce the current monetary stance. In February 2019, the annual inflation edged down to 11.3% from 11.4% in January, but still above the Bank's target of 6-9%. Policymakers added that the economy is projected to grow between 2.7% and 3% in 2019.

The Central Bank of Nigeria decided unanimously to keep the benchmark interest rate steady at 14 percent on January 22nd 2019, as widely expected. The last time policymakers changed rates was in July 2016, when they lifted the monetary rate by 200 bps. The Committee voiced concerns about inflationary pressures in the first half of the year, amid an increase in spending ahead of general elections and disruptions caused by recent flooding. In December, the annual inflation hit a 7-month high of 11.44% from 11.28% in November, well above the Bank’s target of 6.0%–9.0%. The Nigerian economy is projected to expand 2.28% this year, the CBN Governor Emefiele said.