CBN Reveals September Lending Rates for Nigerian Banks
The Central Bank of Nigeria (CBN) released lending rate data for September, indicating that Nigerian banks charge borrowers rates ranging from single digits to as high as 60%, depending on perceived credit risk. The data includes prime lending rates for lower-risk customers and maximum lending rates for higher-risk borrowers.
Stanbic IBTC reported the highest maximum lending rate at 60.00%, with a prime rate of 16.00%. Other notable rates include Tatum Bank's prime rate of 37.07% and maximum rate of 42.07%, and Nova Bank's prime rate of 33.78% with a maximum of 39.00%.
Access Bank's prime rate was 25.50% and maximum rate 32.00%. The CBN's Monetary Policy Committee recently cut the benchmark Monetary Policy Rate by 350 basis points to 23% from 26.5%, a decision announced by CBN Governor Olayemi Cardoso in Abuja, citing easing inflation and improved foreign exchange conditions.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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