Zenith, Access, Others Increase Rate for Customers to Borrow Money as CBN announces Policy Changes [Video]

• In November 2024, the banking industry’s average maximum loan rate increased to 31.06%, the highest since 31.4% in 2019
• This came after the most recent hike in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria
• The CBN has hiked six times this year to address significant economic challenges and maintain the stability of the financial system

Legit.ng journalist Zainab Iwayemi has 5 years of experience covering the Economy, Technology, and Capital Market.

The average maximum lending rate in the banking sector rose to 31.06% in November 2024, the highest level since 2019 when it was 31.4%.

This followed the Central Bank of Nigeria’s (CBN) most recent increase in its Monetary Policy Rate (MPR).

The average of the highest lending rates that Nigerian deposit money banks charge is referred to as the maximum lending rate.

In order to tackle important economic issues like double-digit inflation, foreign exchange stability, and …