CBN Releases Latest Lending Rates of Access, UBA, GTbank, Zenith, Other Banks
- The Central Bank of Nigeria published updated prime and maximum lending rates for commercial and merchant banks operating in the country
- Tatum Bank recorded the highest prime lending rate at 41.65%, while Stanbic IBTC posted the highest maximum lending rate at 60.00%
- The CBN said the disclosure is part of its transparency policy to help borrowers compare loan costs before committing to credit
The Central Bank of Nigeria (CBN) has published updated lending rates of commercial and merchant banks, giving borrowers a clearer picture of what credit currently costs in Nigeria's banking sector.
The data published on July 3 is part of its broader transparency and consumer protection framework, enabling households, small businesses, and corporate borrowers to compare the cost of credit before approaching any lender.
Source: UGC
Insight on latest bank lending rates
Two categories of rates are involved: prime lending rates, which are reserved for customers with strong credit standings, and maximum lending rates, which apply to borrowers carrying higher perceived risk.
Among the major commercial banks, Guaranty Trust Bank (GTBank) offered the most competitive prime lending rate at 21.00%, with a maximum of 32.00%.
Zenith Bank followed with a prime rate of 23.62% and a maximum of 32.00%, while Access Bank stood at 25.50% and 32.00% respectively.
United Bank for Africa (UBA) set its prime rate at 28.50% and capped its maximum at 32.00%, and First Bank of Nigeria charged 26.00% as its prime rate with a ceiling of 38.00%.
On the higher end of the scale, Tatum Bank recorded a prime lending rate of 41.65% and a maximum of 46.65%, while Nova Bank posted a prime rate of 33.78% with a maximum of 39.00%.
Wema Bank listed 32.50% as its prime rate and 34.50% as its ceiling, and FCMB disclosed a prime rate of 31.00% and one of the sector's steeper maximum rates at 46.00%.
The widest spread between prime and maximum rates was reported by Stanbic IBTC, whose prime rate stood at just 1.00% against a maximum lending rate of 60.00%, the highest recorded maximum in the current disclosure.
Ecobank also maintained a notably elevated ceiling at 48.00%, with a prime rate of 26.75%.
Source: Facebook
Among merchant banks, Rand Merchant Bank Nigeria posted identical prime and maximum rates of 19.50%, suggesting a narrow risk differentiation in its loan book.
Quest Merchant Bank disclosed an unusually low prime rate of 5.00% against a maximum of 32.50%. Signature Bank did not publish figures for either category.
Latest CBN lending rates
Bank | Prime (%) | Maximum (%) |
Access Bank | 25.50 | 32.00 |
Alpha Morgan Bank | 27.00 | 33.00 |
Citi Bank | 19.00 | 20.00 |
Coronation Merchant Bank | 25.00 | 28.00 |
Ecobank | 26.75 | 48.00 |
Quest Merchant Bank | 5.00 | 32.50 |
FCMB | 31.00 | 46.00 |
Fidelity Bank | 30.00 | 36.00 |
First Bank of Nigeria | 26.00 | 38.00 |
FSDH Merchant Bank | 22.00 | 33.00 |
Globus Bank Ltd | 28.50 | 33.00 |
Greenwich Merchant Bank | 23.60 | 29.50 |
Guaranty Trust Bank | 21.00 | 32.00 |
Keystone Bank Ltd | 30.50 | 36.00 |
Nova Bank | 33.78 | 39.00 |
Optimus Bank | 28.50 | 35.00 |
Parallex Bank | 30.00 | 32.50 |
Polaris Bank | 29.00 | 41.00 |
Premium Trust Bank | 28.00 | 36.00 |
Providus Bank | 26.50 | 35.00 |
Rand Merchant Bank Nigeria Ltd | 19.50 | 19.50 |
Signature Bank | – | – |
Stanbic IBTC | 1.00 | 60.00 |
Standard Chartered Bank | 27.00 | 29.00 |
Sterling Bank | 26.00 | 33.50 |
SunTrust Bank | 22.00 | 37.00 |
Tatum Bank | 41.65 | 46.65 |
United Bank for Africa | 28.50 | 32.00 |
Union Bank | 16.95 | 38.00 |
Unity Bank | 30.00 | 38.00 |
Wema Bank | 32.50 | 34.50 |
Zenith Bank | 23.62 | 32.0 |
List of approved loan apps
Meanwhile, Legit.ng earlier reported that the federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), has released an updated list of approved loan applications in 2026.
The announcement was made to provide clarity for consumers and ensure that only licensed digital money lenders operate within Nigeria’s financial technology space.
Source: Legit.ng
