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- The Central Bank of Nigeria has released the lending rates for all Nigerian banks for the month of November
- The publication, released on the CBN website, includes the maximum and minimum lending rates
- The lending rate release is part of the apex bank's commitment to transparency and full disclosure
The Central Bank of Nigeria has released the latest lending rates for Deposit Money Banks (DMBs) in the country.
The lending rate is the interest charged by banks when they advance loans to their customers in need of funds
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According to CBN data, Stanbic Bank offers the highest maximum lending rate in the general category at 44%, while Nova Bank offers the lowest.
The maximum lending rate refers to interest charged by banks for lending to customers with a low credit rating.
Banks charge prime lending rates to their largest, most secure, and most creditworthy customers on short-term loans.
Breakdown of banks' lending rate
Here is a breakdown of what banks charge customers seeking loans in the general sector.
Access Bank
Maximum lending rate: 35%
Borrowing rate for prime customers: 25.50%
Citi Bank
Maximum interest rate: 27%
Prime customers: 31.21%
Coronation Merchant Bank
Maximum lending rate: 32%
Borrowing rate for prime customers: 25%
Ecobank
Maximum lending rate: 48%
Prime lending rate: 26.75%
FBN Quest Merchant Bank
Maximum lending rate: 33%
Prime lending rate: 5%
FCMB
Maximum loan rate: 40%
Prime lending rate: 22.50%
Fidelity Bank
Prime lending rate: 30%
Maximum rate: 36%
First Bank of Nigeria
Prime lending rate: 26%
Maximum rate: 38%
FSDH Merchant Bank
Prime rate: 26%
Maximum lending rate: 31%
Guaranty Trust Bank
Prime rate: 5%
Maximum lending rate: 29%
Keystone Bank
Prime lending rate: 5%
Maximum rate: 36%
Stanbic IBTC Bank
Maximum rate: 48%
Prime lending rate: 2.50%
Standard Chartered Bank
Prime rate: 26.50%
Maximum rate: 28.50%
Sterling Bank
Prime lending rate: 29%
Maximum rate: 37%
United Bank for Africa (UBA)
Prime lending rate: 28.50%
Maximum rate: 32%
Union Bank
Prime lending rate: 19.65%
Maximum rate: 35%
Unity Bank
Prime rate:: 30%
Maximum rate: 38%
Wema Bank
Prime lending rate: 32.50%
Maximum rate: 34.50%
Zenith Bank
Prime lending rate: 27.78%
Maximum rate: 38.50%
The other banks' lending rates can be found here.
10 banks with highest customer deposits in 2024
Earlier, Legit.ng reported that Nigerian commercial banks have recorded an increase in customer deposits so far in 2024 despite the economic situation
United Bank for Africa leads the list, followed by Access Holdings, the parent company of Access Bank.
The CBN has consistently assured Nigerians that banks are safe and funds in customers' accounts are fully secured.
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Source: Legit.ng
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