CBN Releases Latest Deposit And Lending Rates

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CBN Releases Latest Deposit And Lending Rates
CBN Releases Latest Deposit And Lending Rates

The Central Bank of Nigeria (CBN) has revealed the latest maximum and prime lending rates for various banks in a new report published on its website.

The maximum lending rate refers to the average of the highest lending rates charged by deposit money banks in Nigeria.

While prime lending rate refers to the average prevailing lending rate charged by most deposit money banks in Nigeria to some of its more favoured customers.

The latest CBN data on banks’ deposit and lending interest rates showed that the maximum lending rate hit 29.13% average in December 2022, while the average prime lending rate rose to 13.85% in December 2022

CBN Releases Latest Deposit And Lending Rates

Breakdown of banks’ lending rate

First City Monument Bank (FCMB)’s general business maximum lending rate stayed at 42% between January and November 2022, the highest in the banking sector and its prime lending rate at 19.50%

FCMB was closely followed by Stanbic IBTC with 36% general maximum lending rate as of November 18, 2022 from 39% in December 31, 2021.

In addition, Keystone bank limited closed on November 18, 2022 with a general maximum lending rate of about 36per cent as against 41% in December 31, 2021.

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Zenith bank closed November 18, 2022 with general business maximum lending rate of about 30% and it was at the same rate in 2021.

Similarly, the average prime lending rate increased by 2.17 percentage points in December 2022 to 13.85%, up from 11.68% in December 2021.

Heritage Bank has one of the highest prime lending rates in the banking market as of November 18, 2022, followed by Unity Bank Plc. Heritage Bank had a 27% general business prime lending rate during the time, while Unity Bank came in second with a 26% general prime lending rate.

Wema Bank Plc and Providus Bank both have general business prime lending rates of 25% as of November 18, 2022, respectively, however, Stanbic IBTC Bank has the lowest rate in the banking market at 7%.

Guaranty Trust Bank (GTBank) in the period under review has 10 percent general business prime lending rate one of the cheapest.