Nigeria raises key interest rate to historical high

Rate now stands at 27.25%, despite slight drop in headline inflation last month

Central Bank of Nigeria
The Central Bank of Nigeria
Wikimedia/Commons/Godwin Paya

Nigeria’s central bank raised its key interest rate by 50 basis points today (September 25). Following the increase – the fifth this year – the policy rate stands at 27.25%, a new historical high.

The Central Bank of Nigeria (CBN) made the decision despite the fall in headline inflation, which went from 33.4% in July to 32.15% in August. It also raised the cash reserve ratio from 45% to 50%.

The CBN said that even though inflation had been falling, “a lot more” work was needed to stabilise prices

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.