Find out more as Access, UBA, other banks latest interest rate as personal loans hit N1.96trn

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The CBN has revealed that personal loans in Nigeria account for over half of total consumer creditTotal consumer credit increased to N3.81tn, driven solely by a 5.95% rise in personal lending, while retail loans declined by 4.15%.The apex bank has released Nigerian banks’ latest lending rates for maximum and prime lending

Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.

The Central Bank of Nigeria (CBN) said personal loans issued by Nigerian banks rose to N1.96 trillion in January 2026, accounting for more than half of total consumer credit.

According to the CBN Economic Report published on its website, total consumer credit increased by 0.79% to N3.81 trillion in January, compared with N3.78 trillion in December 2025. The growth was driven entirely by higher personal lending.

CBN data shows strong growth in household borrowing across Nigerian banks. Photo: Bloomberg
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