Nigeria's Monetary Policy Rate Second Highest in Africa

As of May 2026, Nigeria's monetary policy rate (MPR) is the second highest in Africa among major economies, reflecting the country's ongoing efforts to control inflation. Zimbabwe has the highest benchmark rate at 35.00%, followed by Ghana and The Gambia, both at 14.00%.

The interest rate landscape across Africa shows significant disparities in inflation trends, currency stability, and fiscal positions, with many central banks maintaining elevated rates to combat inflation. The current environment indicates uneven and fragile disinflation processes across the continent, despite some countries, like The Gambia, having recently reduced their policy rates by 200 basis points to 14.00%.

The overall interest rate situation is influenced by geopolitical risks, particularly tensions in the Middle East, and fluctuations in global oil prices, which continue to affect monetary policy decisions across several African economies.