Figures cited by The Tribune show that the Central Bank of Nigeria (CBN) has commenced the systematic publication of interest rate data for all deposit money banks. This new initiative provides a granular breakdown of both deposit and lending rates, revealing that maximum lending rates in some institutions have now breached the 35 percent threshold.
This move is intended to empower businesses to compare borrowing costs across different lenders, thereby fostering competition within the banking sector. The data release is part of a broader strategy by the apex bank to deepen market transparency and provide clearer guidance for corporate investment decisions in a high-interest-rate environment.
ThisDay validated the report, stating the policy will “strengthen competition within the industry,” while BusinessDay analysts remarked that “transparency is the first step toward correcting the current credit pricing distortions.”
Echotitbits take: By “naming and shaming” banks with exorbitant rates, the CBN is trying to use market pressure rather than just regulation to bring rates down. Expect businesses to start migrating accounts to more competitive lenders this quarter.
Source: The Guardian – https://guardian.ng/news/shareholders-may-forfeit-dividends-as-cbn-penalises-insider-abuse/, March 9, 2026
Photo credit: The Guardian
