Nigeria: Business credit interest rate
* indicates monthly or quarterly data series
The most recent value is 16.75 percent as of September 2024, a decline compared to the previous value of 17.01 percent. Historically, the average for Nigeria from January 2011 to September 2024 is 15.4 percent. The minimum of 11.13 percent was recorded in March 2021, while the maximum of 18.23 percent was reached in March 2019.
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* indicates monthly or quarterly data series
- Measure: percent
- Source: Central Bank of Nigeria
| Recent values | Nigeria: Business credit interest rate, percent |
|---|---|
| 2024 Sep | 16.75 |
| 2024 Aug | 17.01 |
| 2024 Jul | 15.89 |
| 2024 Jun | 15.85 |
| 2024 May | 15.54 |
| 2024 Apr | 15.54 |
| 2024 Mar | 15.7 |
| 2024 Feb | 15.06 |
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Definition: The business credit interest rate is the average interest rate on the loan products offered by commercial banks to non-financial corporations. The business credit is a credit specifically intended for business purposes including secured and unsecured business loans to small or large business with variable or fixed interest rate.
| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Inflation | 24.7 | 2023 | percent |
| Exchange rate regimes | 5 | 2022 | index points |
| USD exchange rate | 1,675.2532 | 11/2024 | Local Currency Units per USD |
| Money supply (broad money) | 108,945.39 | 9/2024 | billion |
| Consumer Price Index (CPI) | 825.3681 | 10/2024 | index points |
| Inflation, monthly | 2.64 | 10/2024 | percent |
| Inflation, annual | 33.88 | 10/2024 | percent |
| Private sector credit | 75,845.34 | 9/2024 | billion |
| Deposit interest rate | 13.78 | 9/2024 | percent |
| Business credit interest rate | 16.75 | 9/2024 | percent |