Nigeria’s Banks Lending Rate To Customers Hits 29.13% 

The maximum lending rate in the banking sector hit 29.13 percent while savings deposit rates were 4.13 percent as of the end of December 2022. <br />The report from the Central Bank shows that the prime lending rate was 13.85 percent, while the interbank call rate was 12 percent. <br />The Treasury bill rate was 4.35 percent, the one-month deposit rate was 8.15 percent, three months deposit rate was 3.79 percent, six months deposit rate was 8.68 percent, while 12 months deposit rate was 8.22 percent. <br />The National Institute of Credit Administration stated in its report blueprint report for the growth, development, and sustainability of micro, small, and medium-size enterprise sector in Nigeria that there was a need to support businesses with single-digit loans as high-interest rates was affecting economic growth.