The current internet rate on loans in Nigeria! Are you searching for the current interest rate on loans in Nigeria? Do you want to know how the interest rate is been determined in Nigeria?
Nigerian banks are charging an average interest rate of between 4 percent and 36 percent on loans given to customers in various sectors of the economy, especially agriculture and forestry, manufacturing, and education.
This represents -7.5 percentage points lower and 24.50 basis points higher than the 11.50 percent Monetary Policy Rate (MPR). Apart from that, there are other administrative charges, which sometimes are not known to customers.
In this article, you will get to know the current interest rate on loans in Nigeria, how the interest rate is determined in Nigeria, the interest rate in Nigeria in 2022, and lots more.
Current interest rates on loans in Nigeria
These are the interest rates banks charge the public on loans in Nigeria. It includes all charges and commissions levied by banks. We endeavor to provide the latest rates, as soon as they are available.
Each bank is entitled to charge a rate (different from the rate listed) that compensates them for the risk taken, within the guidelines of the CBN. It is important to know your Credit Score to access a greater variety of loans in Nigeria at preferable interest rates.
- Aella credit – Aella credit is a quick loan platform available in Nigeria and Ghana that provides short-term loans to individuals and businesses. In addition, they provide loans as little as N1500 and as high as N700,000 with an interest between 4% to 29%.
What is the interest rate in Nigeria 2022?
On Tuesday 24th May 2022, Nigeria’s Central Bank suddenly hiked its benchmark interest rate for the first time in nearly six years to 13% from 11.5% (a 150bps hike).