GTB, Zenith, UBA, Other Banks Announce Increase in Customers’ Loan Rate After CBNs Decision [Video]

• Nigerian banks have begun to notify their customers about the changes in interest rates on loans and savings accounts
• The changes reflect the latest Monetary Policy Rate (MPR) announced by the Central Bank of Nigeria (CBN)
• The CBN increased the MPR again in a bid to revive the economy and combat the rising cost of living

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.

After the Central Bank of Nigeria (CBN) raised the benchmark interest rate, Deposit Money Banks (DMBs) have started reviewing upwards the interest rates on loans given to customers.

Legit.ng had earlier reported that the CBN raised the interest rate from 26.25% to 26.75% as it bids to tackle rising inflation.

The new rate, announced on Tuesday, July …