ThisDay· 1h ago· 1 min read
Kayode Tokede
The average maximum lending rate charged by Nigerian banks declined to 33.16 per cent in June 2026, easing from 34.78 per cent in May, as the Central Bank of Nigeria (CBN) sustained monetary policy pause amid improving macro-economic conditions.
The latest Money Market Indicators released by the CBN showed that although borrowing costs remained high, the moderation in banks' maximum lending rates coincided with the Monetary Policy Committee's (MPC) decision to retain the Monetary Policy Rate (MPR) at 26.50 per cent, since February.
While the lending rate is the highest interest rate charged on loans given to customers, the cost of borrowing is the total expense incurred by a customer in obtaining and servicing a loan.
The report showed that despite the monthly decline in average maximum lending, lending costs remained significantly higher than a year earlier.
The CBN…
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