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It’s going to be a tough year for Nigerians regarding banking rates. As of December 2022, the maximum lending rate in the banking sector hits 29.13 per cent while Savings deposit rates stood at 4.13 per cent.
Figures from the Central Bank of Nigeria on Monday on money market indicators were revealed.
According to the CBN report:
Prime lending rate - 13.85 per cent
Inter-bank call rate - 12 per cent
Treasury bill rate - 4.35 per cent
One monthly deposit rate - 8.15 per cent
Three months deposit rate - 3.79 per cent
Six months deposit rate - 8.68 per cent
12 monthly deposit rate - 8.22 per cent
Monetary Policy Rate stood at 16.5 per cent in the period under review
The National Institute of Credit Administration, in its report for the growth, development, and sustainability of micro, small, medium size enterprise sectors in Nigeria, said the government needs to support SMEs to drive economic growth.
It stated, “The higher the Monetary Policy Rate, the higher the interest rate charged on loans and lines of credit offered to MSMEs in the country. High-interest rate is an albatross to any MSME.”
Source: dailypost.ng
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