The Central Bank of Nigeria has published the latest deposit and lending rates for various Deposit Money banks (DMBs).
The apex bank publishes lending rates from all banks to help businesses make decisions.
A savings rate is the interest rate Nigerian banks pay their customers to save money, which varies between banks.
Interest rates are the cost of borrowing money or the return on investment.
Nigerian banks’ loan rates are divided into prime lending and maximum lending rates.
Prime lending refers to the interest rate that banks charge customers with the highest credit scores, while Maximum lending rates refer to the average of the highest lending rates charged by deposit money banks in Nigeria.
According to the CBN’s latest Money Market Indicators, the average maximum lending rate increased to 29.79% in January 2025 from 29.71% in December 2024.
Meanwhile, banks’ average savings deposit rate declined to 7.50% from the previous average of 7.51% in December.”
Here is a breakdown of the banks’ new interest rate on savings account
In a previous report by TimesNow.com.ng the Central Bank of Nigeria has decided to retain the Monetary Policy Rate (MPR), the benchmark interest rate.
CBN’s decision to hold the rate comes on the back of the National Bureau of Statistics releasing a rebased consumer price index (CPI).
Yemi Cardoso, the governor of the CBN, who announced the decision, said the following was agreed at the meeting.
Source: TimesNow.com.ng
