Access, UBA, Zenith, GTB, Other Banks Release New Interest Rates for Loans, Savings

• Nigerian banks including Access Bank, Zenith have adjusted their savings and loan rates for customers
• The new rates released on the CBN website showed that some banks have increased while others remain the same
• Based on the adjustments, Nigerians will make money saving and also pay more when seeking loans

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria has published the latest deposit and lending rates for various Deposit Money banks (DMBs).

The apex bank publishes lending rates from all banks to help businesses make decisions.

A savings rate is the interest rate Nigerian banks pay their customers to save money, which varies between banks.

Interest rates are the cost of borrowing money or the return on investment.

Banks lending rates

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Nigerian banks' loan rates are divided into prime lending and maximum lending rates.

Prime lending refers to the interest rate that banks charge customers with the highest credit scores, while Maximum lending rates refer to the average of the highest lending rates charged by deposit money banks in Nigeria.

According to the CBN's latest Money Market Indicators, the average maximum lending rate increased to 29.79% in January 2025 from 29.71% in December 2024.

Meanwhile, banks' average savings deposit rate declined to 7.50% from the previous average of 7.51% in December."

Here is a breakdown of the banks' new interest rate on savings account

• Access Bank: 8.25%
• Citibank: 8.25%
• Ecobank: 5.90%
• FCMB: 1.15%
• Fidelity Bank: 8.25%
• First Bank: 8.25%
• Globus Bank: 8.18%
• GTBank: 8.00%
• Keystone Bank: 8.25%
• Providus Bank: 2.50%
• Rand Merchant - 0.14%
• Signature Bank: 8.18%
• Stanbic IBTC: 2.75%
• Standard Chartered Bank: 8.25%
• Sterling Bank: 8.25%
• SunTrust: 8.25%
• Titan Trust Bank: 8.25%
• UBA: 8.25%
• Union Bank: 8.25%
• Unity Bank: 8.25%
• Wema Bank: 8.25%
• Zenith Bank: 8.25%

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Here is a breakdown of the banks' loan interest rate max lending

• Access Bank: 36%
• Citibank: 34%
• Coronation bank: 32%
• Ecobank: 48%
• FBN Quest: 32%
• FCMB: 45%
• Fidelity Bank: 36%
• First Bank: 38%
• Globus Bank: 32.50%
• GTBank: 29%
• Keystone Bank: 36%
• Nova Bank: 10.70%
• Optimus Bank: 35%
• Premium Trust: 42%
• Providus Bank: 35%
• Rand Merchant: 29.50%
• Stanbic IBTC: 48%
• Standard Chartered Bank: 18%
• Sterling Bank: 37%
• SunTrust: 37%
• Titan Trust Bank: 36.50%
• UBA: 32%
• Union Bank: 35%
• Unity Bank: 40%
• Wema Bank: 34.50%
• Zenith Bank: 38.50%

CBN MPC's meeting makes a decision

In a previous report by Legit.ng the Central Bank of Nigeria has decided to retain the Monetary Policy Rate (MPR), the benchmark interest rate.

CBN's decision to hold the rate comes on the back of the National Bureau of Statistics releasing a rebased consumer price index (CPI).

Yemi Cardoso, the governor of the CBN, who announced the decision, said the following was agreed at the meeting.

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Source: Legit.ng