GTB Cheapest : CBN Releases Nigerian Banks' Lending Rates for Customers to Collect Loans |Omohglobalnews

  

 The Central Bank of Nigeria has released the lending rates for all Nigerian banks for the month of November The publication, released on The Central Bank of Nigeria has released the latest lending rates for Deposit Money Banks (DMBs) in the country. 

The lending rate is the interest banks charge when they advance loans to their customers in need of funds. Nigerian banks lending rates for November 2024. 

 According to CBN data, Stanbic Bank offers the highest maximum lending rate in the general category at 44%, while Nova Bank offers the lowest. 

The maximum lending rate refers to interest charged by banks for lending to customers with a low credit rating. 

 Banks charge prime lending rates to their largest, most secure, and most creditworthy customers on short-term loans.  

Breakdown of banks' lending rate 

Here is a breakdown of what banks charge customers seeking loans in the general sector. 

Access Bank Maximum lending rate: 35% Borrowing rate for prime customers: 25.50%

 Citi Bank Maximum interest rate: 27% Prime customers: 31.21% 

Coronation Merchant Bank Maximum lending rate: 32% Borrowing rate for prime customers: 25% 

Ecobank Maximum lending rate: 48% Prime lending rate: 26.75% 

FBN Quest Merchant Bank Maximum lending rate: 33% Prime lending rate: 5% FCMB Maximum loan rate: 40%

Prime lending rate: 22.50% 

Fidelity Bank Prime lending rate: 30% Maximum rate: 36%

 First Bank of Nigeria Prime lending rate: 26% Maximum rate: 38% 

FSDH Merchant Bank Prime rate: 26% Maximum lending rate: 31% 

Guaranty Trust Bank Prime rate: 5% Maximum lending rate: 29% 

Keystone Bank Prime lending rate: 5% Maximum rate: 36%

 Stanbic IBTC Bank Maximum rate: 48% Prime lending rate: 2.50%

 Standard Chartered Bank Prime rate: 26.50% 

 Sterling Bank Prime lending rate: 29% Maximum rate: 37%

 United Bank for Africa (UBA) Prime lending rate: 28.50% Maximum rate: 32%

 Union Bank Prime lending rate: 19.65% Maximum rate: 35%

 Unity Bank Prime rate:: 30% Maximum rate: 38% 

Wema Bank Prime lending rate: 32.50% Maximum rate: 34.50% 

Zenith Bank Prime lending rate: 27.78% Maximum rate: 38.50% 

The CBN consistently assured Nigerians that banks are safe and funds in customers' accounts are fully secured. No