Lending to customers by Nigeria banks now stands at 29.13 percent

As of December 2022, the maximum loan rate in the banking industry was 29.13%, while the return on savings deposits was 4.13%. 

Data on money market indicators was released on Monday by the Central Bank of Nigeria. 

The report states that the prime loan rate was 13.85% and the interbank call rate was 12%. 

Rates for Treasury bills were 4.35 percent, deposits for one month were 8.15 percent, deposits for three months were 3.79 percent, deposits for six months were 8.68 percent, and deposits for 12 months were 8.22 percent. 

The monetary policy rate was 16.5 percent for the time period under consideration. 

The government must encourage SMEs to spur economic growth, according to the National Institute of Credit Administration’s assessment of the growth, development, and sustainability of the micro, small, and medium-sized firm sectors in Nigeria. 

The statement read, “The interest rate payable on loans and lines of credit granted to MSMEs in the country will increase in direct proportion to the Monetary Policy Rate.” Any MSME must bear the burden of high interest rates.