After the Central Bank of Nigeria (CBN) raised the benchmark interest rate, Deposit Money Banks (DMBs) have started reviewing upwards the interest rates on loans given to customers.
TimesNow.com.ng had earlier reported that the CBN raised the interest rate from 26.25% to 26.75% as it bids to tackle rising inflation.
The new rate, announced on Tuesday, July 23, 2024, is the fourth increase under the leadership of Olayemi Cardoso at the CBN.
BusinessDay reports that in response to the CBN, banks have started notifying customers about the changes to their accounts and loans. Guaranty Trust Bank (GTBank) is one of the banks that have shared the new adjustments with customers.
GTB told its customers that it is reviewing the interest rates on its MaxPlus loan facilities upward, effective August 6, 2024.
The bank said:
Other banks are expected to follow suit in announcing new rates.
TimesNow.com.ng earlier reported that the demand for foreign exchange by individuals and companies engaged in importation and other forex-related activities decreased by 42% year-on-year.
The total sectoral utilisation of foreign exchange indicated that 19 sectors and services received $21.12 billion in forex allocations in 2023.
This represented a 41.9% decline, or $8.87 billion, compared to the $29.98 billion allocated in 2022.
Proofreading by Nkem Ikeke, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
