In a significant move aimed at fostering transparency within Nigeria's financial sector, the Central Bank of Nigeria (CBN) has officially published the latest lending rates applicable to all deposit money banks and merchant banks in the country. The data, which is current as of January 9, 2026, provides a clear benchmark for both prime and maximum interest rates charged by financial institutions.
CBN's Transparency Drive for Informed Borrowing
The apex bank stated that this public disclosure is a core part of its commitment to transparency and full disclosure. By making these rates widely available, the CBN intends to empower Nigerian individuals and businesses, enabling them to make well-informed financial decisions when seeking loans. This initiative is also aligned with the CBN's broader monetary policy objectives, which include improving policy transmission mechanisms, supporting ongoing economic recovery efforts, and sustaining the disinflation trend in the economy.
The published figures distinctly show the prime lending rate, which is offered to customers with the strongest credit profiles, and the maximum lending rate, which applies to borrowers deemed to have a lower credit rating. This distinction is crucial for potential borrowers to understand their likely cost of credit.
Detailed Breakdown of Bank Lending Rates
The comprehensive list released by the CBN reveals a wide spectrum of rates across the banking industry. Notably, Guaranty Trust Bank (GTB) posted one of the lowest prime rates at 3.00%, with its maximum rate at 35.00%. Similarly, Stanbic IBTC listed a prime rate of just 1.00%, though its maximum rate climbed to 60.00%.
Other major banks showed the following rates as of January 9, 2026:
- Access Bank: Prime at 25.50%, Maximum at 32.00%
- United Bank for Africa (UBA): Prime at 28.50%, Maximum at 32.00%
- Zenith Bank: Prime at 25.00%, Maximum at 32.00%
- First Bank of Nigeria: Prime at 26.00%, Maximum at 38.00%
- Fidelity Bank: Prime at 30.00%, Maximum at 36.00%
The data also included rates for merchant banks such as Coronation Merchant Bank (Prime 25.00%, Max 33.00%) and Rand Merchant Bank Nigeria Ltd (Prime 22.50%, Max 23.00%). The publication noted that Signature Bank's rates were not available at the time of the release.
Strong Customer Deposits Underpin Banking Sector
In a related positive development for the Nigerian financial system, customer deposits held by commercial banks have demonstrated robust growth. According to data from the Nigerian Exchange Group (NGX), total deposits surged to N150.3 trillion in the first half of 2025. This marks a substantial increase from the N137.5 trillion recorded for the entire year of 2024.
These growing deposits represent a critical asset for banks, forming the primary pool of funds from which loans are issued and other financial sector investments are made. The strength of this deposit base is a key indicator of the banking system's capacity to support economic activities through lending.
The CBN's decision to mandate the public disclosure of lending rates is seen as a major step towards demystifying credit costs in Nigeria. It allows borrowers to compare rates across institutions and enter loan agreements with greater clarity, ultimately promoting a more competitive and consumer-friendly banking environment.
