Risks of rising lending rates
The expectation that the recent slash in interest rates by the Central Bank of Nigeria (CBN) will result in a corresponding reduction in prime lending rates has been dashed. Consequently, commercial banks in the country have raised average prime lending rates for top borrowers and other key sectors, including manufacturing and agricultural sectors, among others critical sectors that drive the Nigerian economy. For emphasis, prime lending rate is the benchmark interest rate that commercial banks charge their most creditworthy and lowest-risk corporate customers.
9th November 2026