Access, UBA, Zenith, Other Banks Reduce Lending Rates As CBN Release New Charges for Customers
- The CBN's latest Money Market Indicators showed the average maximum lending rate dropped in June 2026 after months of elevated borrowing costs
- The decline came even as the CBN held its benchmark Monetary Policy Rate steady at 26.5% for the second consecutive meeting
- Manufacturers are still feeling the pressure of expensive credit, with bank lending to the sector falling sharply between 2024 and 2025
The Central Bank of Nigeria (CBN) has published fresh data showing that the average maximum lending rate charged by commercial and merchant banks hs droppd to 33.16% in June 2026, down from 34.78% in May 2026.
The figures come from the CBN's Money Market Indicators report and reflect only the second meaningful drop in the maximum lending rate in 2026.
Source: Facebook
The rate opened 2026 at 32.68% in January, climbed to 35.17% in February, and held near that level through April before beginning to ease.
Why Rates Are Still Moving Down
In its laest meeeting, the Monetary Policy Committee chose to leave the Monetary Policy Rate (MPR) unchanged at 26.5% at its most recent meeting, a level it has held since February following a 50-basis-point cut, Punch reports.
CBN Governor Olayemi Cardoso said the committee's decision to keep all policy parameters steady was aimed at preserving macroeconomic stability while giving earlier measures more time to work through the economy.
The maximum lending rate is the ceiling interest rate banks apply to borrowers considered higher credit risks. Prime lending rates, which are lower, go to customers with stronger financial profiles.
Both figures remain far above their year-ago levels. In June 2025, the average maximum lending rate stood at 29.51%, meaning borrowers are still paying roughly 3.65 percentage points more than they were a year earlier despite the recent dip.
Here is a snapshot of banks lending rates
CBN data published showed latest banks maximum and prime lending 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.
Source: Getty Images
Bank | Prime (%) | Maximum (%) |
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 |
FG opens portal for Nigerians to apply for N1m for laptops, phones
Earlier, Legit.ng reported that Tthe federal government has outlined the application process for Nigerians seeking affordable financing to purchase laptops, smartphones, tablets, and other digital devices under the Credit for Laptops, Internet, Connectivity, and Knowledge Digital Devices (C.L.I.C.K.D.) Programme.
The initiative, launched through the Nigerian Consumer Credit Corporation (CREDICORP), is designed to improve access to digital devices by providing consumer credit to eligible Nigerians.
Source: Legit.ng
