CBN Releases Banks Latest Interest Rates As Personal Loans Hit N1.96trn
- The CBN has revealed that personal loans in Nigeria account for over half of total consumer credit
- Total consumer credit increased to N3.81tn, driven solely by a 5.95% rise in personal lending
- The apex bank has released Nigerian banks' latest lending rates for maximum and prime lending
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
The Central Bank of Nigeria (CBN) said personal loans issued by Nigerian banks rose to N1.96 trillion in January 2026, accounting for more than half of total consumer credit.
According to the CBN Economic Report published on its website, total consumer credit increased by 0.79% to N3.81 trillion in January, compared with N3.78 trillion in December 2025. The growth was driven entirely by higher personal lending.
Source: Getty Images
The apex bank also reported that the value of personal loans increased by 5.95% during the period.
The report reads:
"Consumer credit outstanding increased by 0.79% to N3.81tn. The increase was solely driven by the rise in personal loans by 5.95% to N1.96tn, which constituted 51.44% of total consumer credit."
Punch reports that retail lending decreased by 4.15% to N1.85 trillion, which stood for 48.56% of consumer credit.
Below are the latest prime and maximum lending rates:
Meanwhile, the CBN has released the latest lending rates for all commercial banks and merchant banks.
The data released on May 22, 2026, showed that Ecobank and FCMB had the highest for general loans, both in prime and maximum rates.
Prime lending rates are usually offered to customers with strong credit profiles and low risk, while the maximum lending rates apply to customers with lower credit ratings or higher risk.
- Access Bank - Prime: 25.50%, Max: 32.00%
- Alpha Morgan Bank - Prime: 27.00%, Max: 33.00%
- Citi Bank - Prime: 19.00%, Max: 20.00%
- Coronation Merchant Bank - Prime: 22.00%, Max: 33.00%
- Ecobank - Prime: 26.75%, Max: 48.00%
- Quest Merchant Bank - Prime: 5.00%, Max: 32.50%
- FCMB - Prime: 31.00%, Max: 46.00%
- Fidelity Bank - Prime: 30.00%, Max: 36.00%
- First Bank Of Nigeria - Prime: 26.00%, Max: 38.00%
- Fsdh Merchant Bank - Prime: 25.00%, Max: 33.00%
- Globus Bank Ltd - Prime: 28.50%, Max: 33.00%
- Greenwich Merchant Bank - Prime: 23.60%, Max: 29.50%
- Guaranty Trust Bank - Prime: 21.00%, Max: 32.00%
- Keystone Bank Ltd - Prime: 30.50%, Max: 36.00%
- Nova Bank - Prime: 30.00%, Max: 19.61%
- Optimus Bank - Prime: 28.50%, Max: 35.00%
- Parallex Bank - Prime: 30.00%, Max: 32.50%
Source: Getty Images
- Polaris Bank - Prime: 29.00%, Max: 39.90%
- Premium Trust Bank - Prime: 28.00%, Max: 36.00%
- Providus Bank - Prime: 26.50%, Max: 35.00%
- Rand Merchant Bank Nig. Ltd - Prime: 20.00%, Max: 20.00%
- Signature Bank - Prime: -, Max: -
- Stanbic Ibtc - Prime: 1.00%, Max: 60.00%
- Standard Chartered Bank - Prime: 27.00%, Max: 29.00%
- Sterling Bank - Prime: 26.00%, Max: 33.50%
- Suntrust Bank - Prime: 22.00%, Max: 37.00%
- Tatum Bank - Prime: 40.63%, Max: 45.63%
- United Bank For Africa - Prime: 28.50%, Max: 32.00%
- Union Bank - Prime: 16.95%, Max: 38.00%
- Unity Bank - Prime: 30.00%, Max: 38.00%
- Wema Bank - Prime: 32.50%, Max: 34.50%
- Zenith Bank - Prime: 24.06%, Max: 32.00%
CBN rolls out new rules for loan disputes
Earlier, Legit.ng reported that as of January 2026, the federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), stated that a total of 457 companies had secured full approval to operate as digital lenders in the country.
A total of 35 others are said to have gotten conditional approval from the Commission, while 103 digital lenders are under the watch of the FCCPC.
Source: Legit.ng
