CBN Reveals Identities of Banks With the Highest Interest Rates

The Central Bank of Nigeria, CBN, has mandated that banks publish their interest rate every week in the national dailies.

A document released on Wednesday by the CBN shows that Skye Bank, Keystone Bank, Unity Bank and Wema Bank had the highest lending rates, around 30 percent to 31 percent on the maximum.

Citi Bank, Coronation Merchant Bank, Guaranty Trust Bank, and Rand Merchant Bank, paraded the lowest interest rates, between 20 percent and 22 percent on the maximum.

United Bank for Africa (UBA), Skye Bank, Access Bank, FCMB, Fidelity Bank, First Bank of Nigeria, Sterling Bank, and Wema Bank, were all cited to have loan facilities with a single interest rate for Agriculture.

“In furtherance of the transparency and full disclosure stance of the Central Bank of Nigeria, the Monetary Policy Committee has decided that henceforth the lending rates obtainable in all Deposit Money Banks (DMBs) be made public to guide business decisions,” CBN said on Wednesday.

“The rates will be published every Wednesday in some selected national Newspapers. The rates will also be available on the website of the Central Bank of Nigeria.”

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