News
Banks’ lending rate to customers hits 29.13 percent
![](https://www.tracknews.ng/wp-content/uploads/2023/01/IMG-20230124-WA0009.jpg)
The maximum lending rate in the banking sector hit 29.13 per cent, while savings deposit rates stood at 4.13 per cent as of December 2022.
On Monday, figures from the Central Bank of Nigeria on money market indicators were revealed.
According to the report, the prime lending rate was 13.85 per cent, while the inter-bank call rate was 12 per cent.
The Treasury bill rate was 4.35 per cent, one monthly deposit rate was 8.15 per cent, three months deposit rate was 3.79 per cent, six months deposit rate was 8.68 per cent, while 12 monthly deposit rate was 8.22 per cent.
Monetary Policy Rate stood at 16.5 per cent in the period under review.
The National Institute of Credit Administration, in its report for the growth, development and sustainability of micro, small, medium size enterprise sectors in Nigeria, said the government needs to support SMEs to drive economic growth.
It stated, “The higher the Monetary Policy Rate, the higher the interest rate charged on loans and lines of credit offered to MSMEs in the country. High-interest rate is an albatross to any MSME
-
Politics7 days ago
Gov. Diri Totally Committed To Bayelsa’s Development, Growth, And Progress; George Turnah Tells Visiting Ogbia Ward 9 PDP Executives And Stakeholders
-
News6 days ago
There Is No Worker In Level 1 Step 1 Today In Nigeria, We Only Have Workers From Level 4 – Joe Ajaero
-
Niger Delta6 days ago
Ex-Niger Delta Militant Hails Tinubu’s Reforms, Seeks Intensified Security Of Oil Installations
-
Politics6 days ago
JUST-IN: Reinstated Edo State Deputy Governor, Philip Shaibu Kneels For Oshiomhole After Dumping PDP For APC
-
News4 days ago
NYSC Member Allegedly Impregnates 5 Secondary School Students in Sokoto
-
Sports6 days ago
Chelsea offered TWO elite strikers as Victor Osimhen ‘agrees’ transfer
-
Business4 days ago
UPDATE: How NNPC Spent N7.3Billion On Entertainment In 16 Months NNPCL GMD, Mele Kyari
-
News4 days ago
Police Sergeant Shoots Father Dead After Drinking To Stupor