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Home Business News Politics

Official – Lending Rate For Q1 2013 Still High At 23.8%Pa

Ugodre Obi-chukwu by Ugodre Obi-chukwu
May 11, 2013
in Politics
NDIC: Bank Depositors Paid N73.5Billion Dividend In 2012 – NDIC
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Inflation like we are made to understand is single digits, bond yields, TB’S are also going down but as expected lending rates remain high. That’s according to the recently released CBN economic report for the first quarter of 2013. Maximum lending rate at the end of the first quarter of 2013 was 23.8% whilst average deposit rates was 7.2%. So basically, if you deposit money with a bank they pay you on average (could be much lower) 7.2% and then when you borrow from the bank you pay them 23.8%.

Sure, banks must make profit but the problem is with the interest rate spread. 23.8% less 7.2% is a whopping 16.2% interest rate spread.

CBN 2013 Q1 Interest Rate

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Source: Central Bank of Nigeria

Tags: News Review
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

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Comments 1

  1. ugodre says:
    May 12, 2013 at 9:32 am

    OFFICIAL – LENDING RATE FOR Q1 2013 STILL HIGH AT 23.8%PA https://t.co/B5QZipQU4v #UGOMETRICSBLOGWEEKENDRECAP

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