Find out more as banks reduce lending rates as CBN release new figures
Nigerian banks have reduced the maximum lending rate to 33.16%, offering relief to borrowers. This change coincides with the CBN's decision to maintain current interest rates amid economic challenges.
- The CBN's latest Money Market Indicators showed the average maximum lending rate dropped in June 2026 after months of elevated borrowing costs
- The decline came even as the CBN held its benchmark Monetary Policy Rate steady at 26.5% for the second consecutive meeting
- Manufacturers are still feeling the pressure of expensive credit, with bank lending to the sector falling sharply between 2024 and 2025
The Central Bank of Nigeria (CBN) has published fresh data showing that the average maximum lending rate charged by commercial and merchant banks hs droppd to 33.16% in June 2026, down from 34.78% in May 2026.
The figures come from the CBN's Money Market Indicators report and reflect only the second meaningful drop in the maximum lending rate in 2026.
Why Rates Are Still Moving Down
In its laest meeeting, the Monetary Policy Committee chose to leave the Monetary Policy Rate (MPR) unchanged at 26.5% at its most recent meeting, a level it has held since February following a 50-basis-point cut, Punch reports.
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CBN Governor Olayemi Cardoso said the committee's decision to keep all policy parameters steady was aimed at preserving macroeconomic stability while giving earlier measures more time to work through the economy.
The maximum lending rate is the ceiling interest rate banks apply to borrowers considered higher credit risks. Prime lending rates, which are lower, go to customers with stronger financial profiles.
Both figures remain far above their year-ago levels. In June 2025, the average maximum lending rate stood at 29.51%, meaning borrowers are still paying roughly 3.65 percentage points more than they were a year earlier despite the recent dip.
Here is a snapshot of banks lending rates
CBN data published showed latest banks maximum and prime lending rates.
Prime lending rates are usually offered to customers with strong credit profiles and low risk, while the maximum lending rates apply to customers with lower credit ratings or higher risk.
Bank
Prime (%)
Maximum (%)
25.50
32.00
Alpha Morgan Bank
27.00
33.00
Citi Bank
19.00
20.00
Coronation Merchant Bank
25.00
28.00
Ecobank
26.75
48.00
Quest Merchant Bank
5.00
32.50
FCMB
31.00
46.00
Fidelity Bank
30.00
36.00
First Bank of Nigeria
26.00
38.00
FSDH Merchant Bank
22.00
33.00
Globus Bank Ltd
28.50
33.00
Greenwich Merchant Bank
23.60
29.50
Guaranty Trust Bank
21.00
32.00
Keystone Bank Ltd
30.50
36.00
Nova Bank
33.78
39.00
Optimus Bank
28.50
35.00
Parallex Bank
30.00
32.50
Polaris Bank
29.00
41.00
Premium Trust Bank
28.00
36.00
Providus Bank
26.50
35.00
Rand Merchant Bank Nigeria Ltd
19.50
19.50
Signature Bank
–
–
Stanbic IBTC
1.00
60.00
Standard Chartered Bank
27.00
29.00
Sterling Bank
26.00
33.50
SunTrust Bank
22.00
37.00
Tatum Bank
41.65
46.65
United Bank for Africa
28.50
32.00
Union Bank
16.95
38.00
Unity Bank
30.00
38.00
Wema Bank
32.50
34.50
Zenith Bank
23.62
32.0
FG opens portal for Nigerians to apply for N1m for laptops, phones
Earlier, Legit.ng reported that Tthe federal government has outlined the application process for Nigerians seeking affordable financing to purchase laptops, smartphones, tablets, and other digital devices under the Credit for Laptops, Internet, Connectivity, and Knowledge Digital Devices (C.L.I.C.K.D.) Programme.
The initiative, launched through the Nigerian Consumer Credit Corporation (CREDICORP), is designed to improve access to digital devices by providing consumer credit to eligible Nigerians.
- Legit Original article
