African central banks hold high rates as Iran war fuels inflation fears
African central banks have kept benchmark interest rates at some of the world’s highest levels as the widening Iran war drives up global oil prices and fuels imported inflation. As of July 2026, Zimbabwe leads the continent with a 30.00% Monetary Policy Rate, followed by Nigeria at 26.50%, Malawi at 24.00%, Egypt at 19.00%, Sierra Leone at 16.75%, Liberia and Ethiopia both at 16.00%, Angola at 15.75%, and Ghana and The Gambia each holding steady at 14.00%. The rate decisions reflect efforts to curb currency depreciation and contain price pressures from higher fuel and utility costs.
For Nigerians, the CBN’s steady 26.50% rate means borrowing remains expensive for mortgages, business loans and consumer credit, while savings yields stay attractive but real returns are eroded by inflation still above 15%. Businesses may face higher costs for expansion, and households feel the pinch in loan repayments.
Given the persistence of geopolitical tensions, consider locking in fixed-rate loans where possible, shopping for the best savings yields, and reviewing business cash‑flow plans to accommodate higher financing costs.