DEPOSIT AND LENDING RATES IN NIGERIA

Business Decisions especially in Nigeria can be likened to a fresher attempting an IJMB examination. This is because, vital information with regards to our financial institutions are treated as sacred and only "anointed persons" in the society have access to them just like in the old bible days when the priests are the only ones to enter the temple.

The Central Bank of Nigeria (CBN) decided to make public the DEPOSIT AND LENDING RATES. According to the apex bank management, they stated thus:

"In furtherance of the transparency and full disclosure stance of the Central Bank of Nigeria, the Monetary Policy Committee has decided that henceforth the lending rates obtainable in all Deposit Money Banks (DMBs) be made public to guide business decisions. Consequently, find below the applicable rates for each of the DMBs as at 13/09/2013.

The rates will be published every Wednesday in some selected national Newspapers. The rates will also be available on the website of the Central Bank of Nigeria.

These are the interest rates banks charge the public on loans and advances. It reflects the cost of borrowings and also includes all charges and commissions levied by banks".

Yours sincerely, Dilconsulting Limited, your Business, Management, Research, SME and Financial consultant is committed to keeping you abreast with information that will help you make the right business decisions. To get this document, Click Here to download this all important document for your business decisions.