This post was originally published on this site.

The Central Bank of Nigeria published updated prime and maximum lending rates for commercial and merchant banks operating in the countryTatum Bank recorded the highest prime lending rate at 41.65%, while Stanbic IBTC posted the highest maximum lending rate at 60.00%The CBN said the disclosure is part of its transparency policy to help borrowers compare loan costs before committing to credit

The Central Bank of Nigeria (CBN) has published an updated schedule of lending rates across commercial and merchant banks, giving borrowers a clearer picture of what credit currently costs in Nigeria’s banking sector.

The release follows the Monetary Policy Committee’s resolution to hold the Monetary Policy Rate (MPR) at 26.50%, continuing a tight monetary policy stance designed to rein in inflation and anchor price stability.

Nigerian banks maintain varied lending rates as CBN promotes transparency in the country’s credit market. Photo: Bloomberg
Source: UGC

Insight on latest bank lending rates

The apex bank said the