UBA, Access, Zenith, Others List New Condition to Grant Loan to Customers [Video]

• In June, lending rates in the banking industry increased to an annual maximum of 60%
• The banking industry’s credit to the private sector has decreased as a result of rising interest rates
• The yearly interest rate on loans for agriculture and oil and gas production might reach 48%

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Due to the impact of high interest rates, lending rates in the banking sector skyrocketed to as high as 60% annually in June, which resulted in a reduction in credit to the private sector.

The country’s banks’ net domestic lending to the public and private sectors fell by 1.5%, according to data from the Central Bank of Nigeria (CBN).

According to analysis by Leadership, the data shows that in June 2024, net credit to the economydecreased …