Bank lending rates see modest decline in Nigeria
Nigeria’s average maximum lending rate has dropped, offering slight relief to borrowers. The Central Bank of Nigeria, led by Olayemi Cardoso, has kept its benchmark interest rate steady. Despite the decrease, lending rates remain high compared to last year. Businesses, especially manufacturers, continue to face challenges from elevated borrowing costs.
TLDR
- The average maximum lending rate fell to 33.16 per cent in June 2026, down from 34.78 per cent in May.
- In June 2025, the average maximum lending rate was 29.51 per cent, showing a year-on-year increase.
- The Central Bank of Nigeria has maintained its policy rate at 26.5 per cent since February after a 50-basis-point cut.
- Commercial bank credit allocation to manufacturing dropped to N6.61tn in December 2025 from N8.53tn in December 2024.
- The Monetary Policy Committee cited exchange rate stability and moderating inflation as reasons for retaining all policy parameters.
