Banks' Lending Rate Rise To 29.13 Per Cent

In December 2022, the maximum lending rate for Nigerian banks rose to 29.13% from 28.14% recorded in the previous month and 27.58% in the corresponding period of 2021.

The increased lending rates can be attributed to the multiple rate hikes by the Central Bank of Nigeria in 2022.

The CBN raised the benchmark interest rate by a collective 500 basis points to 16.5%, representing its highest rate in 21 years.

The money and credit statistics from the Central Bank of Nigeria disclosed that the maximum lending rate averaged 28.09% in 2022 compared to 28.06% recorded in the previous year.

Meanwhile, the prime lending rate stood at 13.85% from 13.17% recorded in the preceding month.

The one-month deposit rate increased to 8.15% in December 2022 from 7.38% recorded in November.

Three-month deposit rate stood at 8.79% in the review period, an increase from 8.45% recorded in the previous month.

The sic-month and 12-month deposit rates stood at 8.68% and 8.22% respectively in December 2022.

The savings deposit rate grew to 4.13% in December.