Deposit interest rate in Nigeria
Nigeria: Deposit interest rate was 7.8% in 2023. ◆ Volatile
Deposit interest rate in Nigeria, 1970–2023
Source: International Financial Statistics database, International Monetary Fund (IMF). Measured in %.
Analysis
In 2023, deposit interest rate in Nigeria stood at 7.8%.
That represents a change of up 31.4% on the previous year and down 1.3% over ten years.
Over the whole period, deposit interest rate in Nigeria peaked at 23.2% in 1993 and was at its lowest, 2.7%, in 1976.
Nigeria ranks 28th of 152 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 3.2% | 2.7% | 4.5% | 10 |
| 1980s | 9.3% | 5.3% | 14.7% | 10 |
| 1990s | 14.6% | 7.2% | 23.2% | 10 |
| 2000s | 12.7% | 9.8% | 16.7% | 10 |
| 2010s | 8.3% | 5.7% | 9.7% | 10 |
| 2020s | 5.7% | 4.2% | 7.8% | 4 |
Countries ranked near Nigeria
More financial sector data for Nigeria
- Domestic credit to private sector 9.6% (2022)
- Net domestic credit 66.12 trillion current LCU (2022)
- Total reserves in months of imports 7.12 (2025)
- Net foreign assets 3.79 trillion current LCU (2022)
- Domestic credit to private sector by banks 13.1% (2023)
- Monetary Sector credit to private sector 9.6% (2022)
- Claims on central government, etc. 8.6% (2022)
- Broad money 25.1% (2023)
- Official exchange rate 1,518 LCU per US$, period average (2025)
- Net migration -15,258 (2025)
Frequently asked questions
- What is deposit interest rate in Nigeria?
- Deposit interest rate in Nigeria was 7.8% in 2023, according to International Financial Statistics database, International Monetary Fund (IMF).
- What is the highest deposit interest rate recorded in Nigeria?
- The highest recorded value was 23.2% in 1993.
- What is the lowest deposit interest rate recorded in Nigeria?
- The lowest recorded value was 2.7% in 1976.
- How does Nigeria rank for deposit interest rate?
- Nigeria ranks 28th out of 152 countries with data for 2023.
- Is deposit interest rate rising or falling in Nigeria?
- Over the last ten years it is down 1.3%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from International Financial Statistics database, International Monetary Fund (IMF), published as part of Deposit interest rate (%). Statizoid updates them automatically from the source API.
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About this data
Deposit interest rate is the rate paid by commercial or similar banks for demand, time, or savings deposits. The terms and conditions attached to these rates differ by country, however, limiting their comparability. This indicator is expressed as a percentage (a÷b)*100.