Nigeria Leads Africa’s Nearly 1,000bps September Rate‑Cut Wave
Nigeria’s Central Bank cut its Monetary Policy Rate by 350 basis points to 23% from 26.5%
In Brief
- •Nigeria’s Central Bank cut its Monetary Policy Rate by 350 basis points to 23% from 26.5%
- •Zambia reduced its policy rate by 250 basis points to 10.75%
- •Zimbabwe lowered its benchmark rate by 250 basis points to 27.5%
- •Collectively, Nigeria, Zambia, Zimbabwe and Angola cut 950 basis points in September
- •Inflation eased in Nigeria to 15.39% in August and reserves rose to $55.25 billion
Why It Matters
The aggressive easing by Nigeria, the continent’s largest economy, signals a shift toward balancing inflation containment with growth support, potentially easing borrowing costs for businesses and households. Zambia’s and Zimbabwe’s cuts further illustrate divergent monetary paths across Africa, reflecting varied inflation dynamics and external risk exposures. These moves may influence regional capital flows, currency stability, and the broader trajectory of African economic recovery.
Key Details
- Nigeria MPR
- 23%
- Nigeria Cut
- 350bps
- Zambia MPR
- 10.75%
- Zambia Cut
- 250bps
- Zimbabwe MPR
- 27.5%
- Zimbabwe Cut
- 250bps
- Collective Cut
- 950bps
- Nigeria Inflation (Aug)
- 15.39%
- Nigeria Reserves
- $55.25bn
Context & Background
African central banks delivered a record‑breaking 950 basis points of cuts in September, underscoring a growing divergence in monetary policy across the continent as inflation and exchange‑rate conditions improve in some economies while external shocks persist in others.
Original Reporting & Sources
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