Nigeria's Central Bank Cuts Interest Rate to 23% in 2026
In September 2026, Nigeria's Central Bank cut its Monetary Policy Rate (MPR) by 350 basis points from 26.50% to 23.00% during its 307th Monetary Policy Committee meeting. This significant reduction marks the largest cut since December 2006.
As a result, Nigeria fell to third place in the ranking of African countries with the highest interest rates, behind Zimbabwe and Malawi. The latest ranking reflects the most recent policy rates from the central banks of ten African nations.
Other notable monetary policy decisions include Ghana maintaining its rate at 14%, The Gambia holding steady at 14%, Angola reducing its rate to 14.75%, and Ethiopia increasing its rate to 16%. The Central Bank of Nigeria also adjusted the Standing Facilities Corridor to +50/-300 basis points around the MPR while keeping the Cash Reserve Ratio (CRR) unchanged at 45% for deposit money banks.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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