By Springs News NG | February 28, 2025

The Central Bank of Nigeria (CBN) has released the latest deposit and lending rates for various Deposit Money Banks (DMBs), providing insights into the cost of borrowing and returns on savings. The update helps businesses and individuals make informed financial decisions.

Savings rates represent the interest banks pay customers for deposits, while lending rates reflect the cost of borrowing. Nigerian banks classify loan rates into prime lending rates, offered to customers with the best credit scores, and maximum lending rates, which are the highest interest rates charged.

According to the CBN’s latest Money Market Indicators, the average maximum lending rate rose to 29.79% in January 2025, up from 29.71% in December 2024. Meanwhile, the average savings deposit rate declined slightly to 7.50% from 7.51% in December.

New Savings Interest Rates by Banks

• Access Bank: 8.25%
• Citibank: 8.25%
• Ecobank: 5.90%
• FCMB: 1.15%
• Fidelity Bank: 8.25%
• First Bank: 8.25%
• Globus Bank: 8.18%
• GTBank: 8.00%
• Keystone Bank: 8.25%
• Providus Bank: 2.50%
• Rand Merchant Bank: 0.14%
• Signature Bank: 8.18%
• Stanbic IBTC: 2.75%
• Standard Chartered Bank: 8.25%
• Sterling Bank: 8.25%
• SunTrust: 8.25%
• Titan Trust Bank: 8.25%
• UBA: 8.25%
• Union Bank: 8.25%
• Unity Bank: 8.25%
• Wema Bank: 8.25%
• Zenith Bank: 8.25%

Maximum Lending Rates by Banks

• Access Bank: 36%
• Citibank: 34%
• Coronation Bank: 32%
• Ecobank: 48%
• FBN Quest: 32%
• FCMB: 45%
• Fidelity Bank: 36%
• First Bank: 38%
• Globus Bank: 32.50%
• GTBank: 29%
• Keystone Bank: 36%
• Nova Bank: 10.70%
• Optimus Bank: 35%
• Premium Trust: 42%
• Providus Bank: 35%
• Rand Merchant Bank: 29.50%
• Stanbic IBTC: 48%
• Standard Chartered Bank: 18%
• Sterling Bank: 37%
• SunTrust: 37%
• Titan Trust Bank: 36.50%
• UBA: 32%
• Union Bank: 35%
• Unity Bank: 40%
• Wema Bank: 34.50%
• Zenith Bank: 38.50%

CBN’s Monetary Policy Decision

In a recent meeting, the CBN’s Monetary Policy Committee (MPC) decided to hold the Monetary Policy Rate (MPR), the benchmark interest rate, following the release of a rebased Consumer Price Index (CPI) by the National Bureau of Statistics. CBN Governor Yemi Cardoso emphasized that this decision aims to stabilize economic conditions and manage inflation effectively.

The new interest rates highlight the banking sector’s response to economic trends and CBN’s policies, impacting both borrowers and savers in Nigeria.