CBN Data Reveals Nigerian Banks Charge Up to 60% on Loans, Pay as Low as 2.7% on Savings

The Central Bank of Nigeria (CBN) released data showing Nigerian banks like UBA and GTB charge high loan rates up to 60% while offering savings rates as low as 2.7%. This disparity widens the gap between lending and deposit rates, impacting various sectors like manufacturing, mining, and construction.

The report highlights different maximum lending rates for various sectors, with the average interest rates on demand deposits ranging from 0.48% to 7.33%. The data underscores the challenges faced by businesses due to high borrowing costs and the need for improved transparency in the banking sector.