In September 2026, Nigeria's Central Bank made a significant move by cutting its Monetary Policy Rate (MPR) by 350 basis points, bringing it down to 23%. This reduction has resulted in Nigeria falling to third place among African countries with the highest interest rates.
The Central Bank of Nigeria's decision marks the largest cut since December 2006 and comes as part of an effort to manage economic stability. As a result, Nigeria is now positioned below Zimbabwe, which holds the highest rate at 30%, and Malawi at 24%.
The latest rankings reveal a diverse landscape of interest rates across Africa, with rates ranging from 14% in Ghana and Gambia to Zimbabwe's 30%. Notably, four countries, including Nigeria, have recently reduced their policy rates, while others have maintained or increased theirs.
This shift in Nigeria's monetary policy reflects ongoing efforts to balance inflation control and economic growth, amidst a backdrop of varying economic conditions across the continent.