Follow Us on Google Discover
Nigeria dropped to third position in September 2026 from second in July among 10 African countries with the highest monetary policy rates, after the Central Bank of Nigeria cut its benchmark interest rate by 350 basis points.
The CBN reduced the Monetary Policy Rate (MPR) from 26.50% to 23.00% at its 307th Monetary Policy Committee meeting, moving Nigeria below Zimbabwe and Malawi in the ranking.
The 350-basis-point reduction is the largest cut in Nigeria’s benchmark rate since December 2006, when the CBN cut the rate by 400 basis points from 14% to 10% as the MPR replaced the Minimum Rediscount Rate.
The latest ranking compares the most recent policy rates announced by the central banks of the 10 countries as of September 2026.
Also Read
10. Ghana — 14.00%
Ghana’s Bank of Ghana maintained its policy rate at 14% at its September 23–24, 2026 MPC meeting.
Headline inflation rose to 5.0% in August 2026 but remained well anchored, while real GDP growth reached 6.0% in Q2 2026.
9. Gambia — 14.00%
The Central Bank of The Gambia maintained its Monetary Policy Rate at 14% at its August 19–20, 2026 MPC meeting. The rate was unchanged from the previous decision.
The central bank also retained the required reserve ratio at 13% and the standing lending facility rate at 15%.
8. Angola — 14.75%
Angola’s central bank cut its key policy rate by 100 basis points to 14.75% on September 15, 2026, from 15.75%. The reduction was the third consecutive rate cut as inflation continued to ease.
The move places Angola just above Gambia in the ranking.
7. Ethiopia — 16.00%
Ethiopia’s National Bank raised its policy rate by 100 basis points to 16% in July 2026, from 15%.
This rate hike marks the first formal revision of Ethiopia’s main policy benchmark since July 2024.
6. Liberia — 16.00%
Liberia’s Central Bank cut its Monetary Policy Rate by 25 basis points to 16% on July 15, 2026, from 16.25%. The decision followed improvements in inflation, foreign reserves and financial-sector conditions.
The CBL retained reserve requirements at 25% for Liberian dollar deposits and 10% for US dollar deposits.
5. Sierra Leone — 17.00%
Sierra Leone’s Monetary Policy Rate stands at 17%, after the Bank of Sierra Leone raised it from 16.75% in June 2026.
The interest rate remains at 17% as of this period, although the Monetary Policy Statement from the September MPC meeting is scheduled for publication on Tuesday, September 29, 2026.
4. Egypt — 19.00%
Egypt’s Central Bank maintained its overnight deposit rate at 19% at its August 20, 2026 MPC meeting. The overnight lending rate was retained at 20%.
Egypt is ranked using its overnight deposit rate, which differs from the explicit MPR used by countries such as Nigeria.
3. Nigeria — 23.00%
Nigeria’s Central Bank cut the Monetary Policy Rate by 350 basis points to 23% at its September 21–22, 2026 MPC meeting, from 26.50%.
The CBN also recalibrated the Standing Facilities Corridor to +50/-300 basis points around the MPR, while retaining the CRR at 45% for deposit money banks, 16% for merchant banks and 75% for non-TSA public-sector deposits.
2. Malawi — 24.00%
Malawi’s Reserve Bank maintained its Policy Rate at 24% following its September 23-24, 2026 MPC meeting.
The rate remained unchanged as the central bank continued to balance inflation management with economic stability.
1. Zimbabwe — 30.00%
Zimbabwe has the highest policy rate in the ranking at 30%. The Reserve Bank of Zimbabwe cut its Bank Policy Rate from 35% to 30% in June 2026.
The RBZ said the decision followed a structural shift in inflation dynamics, with annual inflation remaining below 5% since the start of 2026.
What you should know
The 10 countries have policy rates ranging from 14% to 30%, creating a 16 percentage-point gap between the lowest and highest rates.
- Three countries have policy rates above 20%: Zimbabwe at 30%, Malawi at 24% and Nigeria at 23%.
- Four countries in the ranking have cut their policy rates at their latest decisions: Angola, Liberia, Nigeria and Zimbabwe.
- Four maintained their rates: Gambia, Egypt, Malawi and Ghana, while Ethiopia and Sierra Leone raised theirs.
Nigeria recorded the second-largest rate cut among the 10 countries, reducing its benchmark by 350 basis points, behind Zimbabwe’s 500-basis-point cut.
