Nigerian Banks Update Lending Rates Amid CBN Policy Changes

Nigerian banks such as Access Bank, UBA, Zenith Bank, and GTB have updated their lending rates based on the latest monetary policy rates set by the Central Bank of Nigeria. The increase in lending rates is attributed to the tightening of the market liquidity and the continuous influence of borrowing costs on businesses and individuals.

The oil and gas sector has seen a rise in loan exposure from nine Nigerian banks, reaching N15.6 trillion in 2024 from N10.17 trillion in 2023. This adjustment in lending rates signifies the impact of the CBN's monetary policy decisions on the banking sector in Nigeria.