🇳🇬 Nigeria

Nigeria Key Rates

Updated just now

Monetary Policy

Set by the Central Bank of NigeriaNigeria's central bank and monetary authority. (CBN) Monetary PolicyCentral-bank actions intended to influence inflation, credit, money, and economic activity. Committee.

Monetary Policy Rate

26.50%

MPR

The CBN's benchmarkA reference index or rate used to evaluate a fund's performance. rate. When it rises, borrowing costs rise across the entire economy.

Cash Reserve Ratio

45.00%

Banks

Share of customer deposits commercial banks must hold at the CBN. Higher ratio means less money available to lend.

CRR - Merchant Banks

16.00%

Merchant

Same requirement applied to merchant banks, which primarily lend to businesses and institutions.

Liquidity Ratio

30.00%

Min. liquid

Minimum share of assets every bank must keep in liquid form: cash, T-bills, and other easily convertible instruments.

Last MPC decision: 23rd and 24th February 2026

Exchange Rates

Official NFEM window rates and parallel market rates.

🇺🇸USD/NGN

Official

₦1,360.04

Bank window rate

Parallel

₦1,400.00

+2.9% premium

🇪🇺EUR/NGN

Official

₦1,569.39

Bank window rate

Parallel

₦1,640.00

+4.5% premium

🇬🇧GBP/NGN

Official

₦1,819.14

Bank window rate

Parallel

₦1,880.00

+3.3% premium

Official rate is the NFEM window rate used by banks for international transfers and business transactions. Parallel rate is the street cash rate outside the banking window. A high premium signals FX pressure and naira devaluationAn official reduction in the value of a currency under a managed or fixed exchange-rate system. risk.Parallel source: ngnrates.com

Treasury Bills

Primary marketThe market in which newly issued securities are sold and the issuer receives capital. stop rates from the most recent CBN auction.

91-Day

3 months

16.05%

Real return: +0.36%

Oversubscribed

Auction: June-03-2026

182-Day

6 months

16.19%

Real return: +0.50%

Auction: June-03-2026

364-Day

1 year

16.35%

Real return: +0.66%

Oversubscribed

Auction: June-03-2026

Treasury bills are short-term debtBorrowings due within one year. issued by the Nigerian government, backed by the full faith of the Federal Government. The 364-day rate is the risk-free benchmark. Real return = T-bill yield minus current inflationA sustained increase in the general price level, reducing the purchasing power of money. rate. A negative real returnInvestment return after adjusting for inflation. means your money is losing purchasing powerThe quantity of goods and services that a sum of money can buy..

Inflation

Consumer Price IndexAn index measuring changes in prices paid by consumers for a basket of goods and services. (CPI) published monthly by the National Bureau of Statistics.

Headline CPI

15.69%

12-mo avg: 19.16%

Overall price change across all goods and services year-on-year.

Food Inflation

16.06%

12-mo avg: 17.55%

Food prices only. Typically runs higher than headline and hits household budgets hardest.

Core Inflation

15.86%

12-mo avg: 20.24%

Headline minus food and energy. Strips out volatile items to isolate the underlying trend.

Headline CPI - 24-month trend

May 2024 to April 2026

May 2024April 2026

Period: April 2026. If your savings or investmentAn asset or commitment of money made with the expectation of future income, growth, or both. is not growing faster than headline inflationThe overall inflation rate including all items in the relevant price index., you are losing purchasing power in real terms.