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Over six MPC meetings from February to November 2024, the MPR rose cumulatively by 875 basis points, ending the year at 27.5%.
The pace of increases slowed after March: from 200 bps (Feb–Mar) to just 25 bps (Sept–Nov), reflecting a tapering hike strategy.
Since November 2024, the CBN has maintained the rate at 27.5% across four consecutive MPC meetings into July 2025.
The 2024 cycle was dominated by aggressive rate hikes aimed at stabilising inflation and exchange rate volatility.
The CBN’s interest rate strategy appears more restrained in 2025, indicating a possible pause phase in the monetary policy cycle.

Zimbabwe has the highest benchmark interest rate in Africa at 35%, exceeding Ghana, the second highest, by 7% points.
Nigeria holds the third highest interest rate on the continent at 27.5%, just 0.5% points behind Ghana, signalling aggressive policy intervention.
Zimbabwe, Ghana, Nigeria, Malawi, and Egypt have interest rates above 25%, showing a regional pattern of tight monetary conditions.
There is a significant drop of over 5% points between Sierra Leone at 24.75% and Angola at 19.5%, marking a clear shift to lower-rate economies below the top tier.