Prime and Maximum Lending rates are considered the two major types of lending rates in the Nigerian financial sector. Prime lending rate refers to the average prevailing lending rate charged by most deposit money banks in Nigeria to some of its more favored customers. Maximum lending rates refers to the average of the highest lending rates charged by deposit money banks in Nigeria.
The disparity between both rates have widened over the years particularly since 2009 topping a differential of about 10% in most instances. In Nigeria, large corporates and matured companies perceived as having lesser risk with a history of generating consistent cash flows are offered prime lending rates while small businesses and individuals perceived as having higher risk typically fall above the prime lending rate margin.
This data is supplied by the Central Bank of Nigeria on a monthly basis.
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