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Banks’ maximum lending rate drops to 33.16%

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Banks’ maximum lending rate drops to 33.16%

27 Jul, 2026

Nigeria’s average maximum lending rate eased to 33.16 per cent in June 2026, down from 34.78 per cent in May, reflecting a modest decline in borrowing costs as the Central Bank of Nigeria maintained its benchmark interest rate amid improving macroeconomic conditions. Data from the CBN’s latest Money Market Indicators showed the decline came after the Monetary Policy Committee kept the Monetary Policy Rate unchanged at 26.5 per cent, a position it has maintained since February following a 50-basis-point rate cut...............….......READ MORE