The maximum lending rate for Nigerian banks rose to 29.13% in December 2022 from 28.14% recorded in the previous month and 27.58% in the corresponding period of 2021.
Lending rates increased on the back of the multiple rate hikes by the Central Bank of Nigeria in 2022.
Specifically, the CBN raised the benchmark interest rate by a collective 500 basis points to 16.5%, representing its highest rate in 21 years.
According to the money and credit statistics from the Central Bank of Nigeria, the maximum lending rate averaged 28.09% in 2022 compared to 28.06% recorded in the previous year.
