Interest Rates (Monthly)



Period MPR Savings Deposit One Month Deposit Three Months Deposit Six Months Deposit Twelve Months Deposit Prime Lending Max Lending
Dec 2020 11.50 2.04 1.64 2.74 2.65 5.99 11.35 28.31
Nov 2020 11.50 1.84 1.92 2.90 2.84 4.89 11.60 28.85
Oct 2020 11.25 1.87 2.24 3.52 2.72 4.99 11.31 28.36
Sep 2020 11.50 2.41 2.49 3.70 3.74 5.37 11.55 28.40
Aug 2020 12.50 3.78 2.97 4.05 4.41 4.89 11.76 29.51
Jul 2020 12.50 3.78 3.02 4.31 4.83 5.89 12.10 28.42
Jun 2020 12.50 3.78 3.33 4.70 4.98 7.12 15.65 30.57
May 2020 12.50 3.83 4.90 5.67 5.91 7.63 14.73 30.69
Apr 2020 13.50 3.69 4.97 5.99 6.28 7.68 14.92 30.73
Mar 2020 13.50 3.89 5.04 6.15 6.84 8.61 14.71 30.48
Feb 2020 13.50 3.89 5.01 5.85 7.07 8.01 14.97 30.77
Jan 2020 13.50 3.89 5.01 5.85 7.07 8.01 14.97 30.77




Insight

The Central Bank voted to retain the MPR at 11.5% due to the desire of the apex bank to strike a balance between supporting the recovery of output growth while maintaining stable prices.

To this end, the Committee held the Cash Reserve Requirement (CRR) at 27.5% and retained the liquidity ratio at 30%. 

The Committee reviewed the policy options before it and argued that the option of tightening at this time would contradict the noble initiative of expansion of affordable credit to the real sector, noting that this would heighten the cost of production which will translate to higher prices of goods and services and harder economic condition for people.

Data source: Central Bank of Nigeria

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