The Central Bank of Nigeria has published new CBN lending rates for commercial and merchant banks nationwide. The disclosure gives borrowers a clearer view of current credit costs across Nigeria’s financial sector.
According to the CBN’s published data, the apex bank released the figures on July 3. The move forms part of its broader transparency and consumer protection framework. As a result, households, small businesses, and corporate borrowers can now compare loan costs before approaching any lender.
How the New CBN Lending Rates Break Down
The disclosure covers two distinct categories. Prime lending rates apply to customers with strong credit profiles, while maximum lending rates apply to borrowers carrying higher perceived risk.
Among major commercial banks, Guaranty Trust Bank offered the most competitive prime rate at 21.00%, with a 32.00% ceiling. Zenith Bank followed closely with a 23.62% prime rate and the same 32.00% maximum. Access Bank came in slightly higher, at 25.50% and 32.00% respectively.
Meanwhile, United Bank for Africa set its prime rate at 28.50%, also capping its maximum at 32.00%. First Bank of Nigeria charged 26.00% as its prime rate but allowed a steeper 38.00% ceiling.
On the higher end, Tatum Bank posted the sector’s highest prime rate at 41.65%, alongside a 46.65% maximum. Nova Bank followed with a 33.78% prime rate and a 39.00% ceiling. Wema Bank listed 32.50% as its prime rate against a 34.50% maximum, while FCMB disclosed a 31.00% prime rate paired with one of the steeper maximum rates in the market, at 46.00%.
Notably, Stanbic IBTC recorded the widest spread of any bank. Its prime rate stood at just 1.00%, yet its maximum lending rate reached 60.00% — the highest in the entire disclosure. Ecobank also maintained an elevated ceiling of 48.00%, against a 26.75% prime rate.
Merchant Banks and Notable Outliers in the CBN Lending Rates Data
Among merchant banks, Rand Merchant Bank Nigeria posted identical prime and maximum rates of 19.50%. This suggests fairly narrow risk differentiation within its loan book.
Quest Merchant Bank, however, disclosed an unusually low prime rate of 5.00% against a much higher 32.50% maximum. Signature Bank did not publish figures for either category this cycle.
For a quick snapshot, here’s how several key institutions compare:
| Bank | Prime (%) | Maximum (%) |
|---|---|---|
| Guaranty Trust Bank | 21.00 | 32.00 |
| Zenith Bank | 23.62 | 32.00 |
| Access Bank | 25.50 | 32.00 |
| United Bank for Africa | 28.50 | 32.00 |
| First Bank of Nigeria | 26.00 | 38.00 |
| Stanbic IBTC | 1.00 | 60.00 |
| Tatum Bank | 41.65 | 46.65 |
| FCMB | 31.00 | 46.00 |
| Ecobank | 26.75 | 48.00 |
Beyond these names, several other banks reported varied figures. Fidelity Bank charged 30.00% prime against a 36.00% maximum, while Sterling Bank posted 26.00% and 33.50% respectively. Union Bank, meanwhile, offered one of the lowest prime rates at 16.95%, though its maximum still climbed to 38.00%.
Why the CBN Published These Lending Rates Now
The central bank framed this disclosure as part of an ongoing push for transparency. Specifically, it wants borrowers to make informed decisions before committing to any credit facility. Given Nigeria’s currently high interest rate environment, this kind of comparison tool matters more than ever for everyday borrowers.
Moreover, this release follows closely on the heels of another CBN update. The bank recently confirmed that commercial lenders trimmed loans to eight major sectors by roughly N5.45tn as forbearance measures ended.
For readers seeking the full breakdown across all listed banks, the complete CBN interest rate document remains publicly available. Background on how central banks generally set and monitor lending benchmarks can also be found via Wikipedia’s overview of monetary policy.
Separately, the Federal Competition and Consumer Protection Commission has also released an updated list of approved loan applications for 2026. That move aims to ensure only licensed digital lenders operate within Nigeria’s fast-growing fintech space.
What This Means for Borrowers
Ultimately, these new CBN lending rates give Nigerians a practical tool for comparison shopping. Since rates vary so widely — from single digits to well above 40% — borrowers stand to save significantly by checking multiple institutions first.
For now, financial analysts expect these figures to remain relevant until the CBN’s next scheduled update. In the meantime, borrowers are encouraged to weigh both prime and maximum rates carefully, since the gap between the two can reveal how a bank actually treats risk.
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