CBN reveals list of banks with the lowest and the highest lending rates

CBN reveals list of banks with the lowest and the highest lending rates

The Central Bank of Nigeria  (CBN) has released the list of Nigerian banks with the lowest and the highest lending rates.

In the release, CBN unveiled the applicable rates for each of the deposit money banks (DMBs) as at September 30, showing the lowest and the highest rates from the 24 lenders.

This unveiling showed that United Bank for Africa (UBA), Skye Bank, Access Bank, FCMB, Fidelity Bank, First Bank of Nigeria, Sterling Bank, and Wema Bank, were all cited to have loan facilities with a single interest rate for agriculture.

Skye Bank, Keystone Bank, Unity Bank and Wema Bank had the highest lending rates, around 30 percent to 31 percent on the maximum.

Citi Bank, Coronation Merchant Bank, Guaranty Trust Bank, and Rand Merchant Bank, paraded the lowest interest rates, between 20 percent and 22 percent on the maximum.

CBN has also promised to published the lending rates of every Wednesday in some selected national Newspapers.

The rates will also be available on the website of the Central Bank of Nigeria.




- NAN