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The CBN’s latest Money Market Indicators showed the average maximum lending rate dropped in June 2026 after months of elevated borrowing costsThe decline came even as the CBN held its benchmark Monetary Policy Rate steady at 26.5% for the second consecutive meetingManufacturers are still feeling the pressure of expensive credit, with bank lending to the sector falling sharply between 2024 and 2025
The Central Bank of Nigeria (CBN) has published fresh data showing that the average maximum lending rate charged by commercial and merchant banks hs droppd to 33.16% in June 2026, down from 34.78% in May 2026.
The figures come from the CBN’s Money Market Indicators report and reflect only the second meaningful drop in the maximum lending rate in 2026.
Fresh CBN data show prime lending rates range from 1% to over 41% across Nigerian banks. Photo: CBNSource: Facebook
The rate opened 2026 at 32.68% in January, climbed to 35.17% in February,
