Banking sector’s average maximum lending rate jumps to 32.62%
The Nigerian banking sector’s average maximum lending rate increased to 32.62 per cent in September 2026 from 29.20per cent reported in August 2026.
According to the apex banking regulating body “Money Market Indicators” the reported 32.62 per cent in September is coming just as the Monetary Policy Committee (MPC) reduced MPR by 350 basis points from 26.50 per cent in September 2026.
Maximum lending rate refers to the highest permissible interest rate that lenders can charge borrowers. The rate is crucial for ensuring fair lending practices and protecting borrowers from excessive interest rates.
According to the CBN data, the average maximum lending had opened January 2026 at 32.68 per cent when MPR was at 27 per cent, and reached a peak of 35.17 per cent in March 2026 as MPR stood at 26.50 per cent.
Most Nigerian banks’ maximum lending rate remained flat between September and October 9, 2026 amid the 350 basis points MPR cut by MPC. Between September 4, 2026 and October 9, 2026, “Manufacturing sector” maximum lending rates of Access Bank, Alpha Morgan Merchant Bank, Coronation Merchant Bank and Ecobank remained flat at 32.28 per cent, 35.00 per cent, and 35 per cent respectively.
FCMB Bank, Fidelity Bank Plc, First Bank of Nigeria also posted 41.40 per cent, 36 per cent and 36 per cent, respectively between September 4, 2026 and October 9, 2026…
In the period under review, Citi Bank saw its Manufacturing sector maximum lending rate drop to 19 per cent from 20 per cent, while Quest Merchant Bank Manufacturing sector maximum lending rate moved to 30 per cent from 35 per cent.
