The Central Bank of Nigeria has begun publishing interest rate data for deposit money banks, providing a detailed breakdown of deposit and lending rates across the industry as part of efforts to deepen transparency and guide investment decisions.

The data, published as of February 27, covers deposit and lending rates across dozens of banks, including major lenders such as Access Bank, Zenith Bank, United Bank for Africa, Guaranty Trust Bank and First Bank of Nigeria.

According to the apex bank, the disclosure follows a decision by its Monetary Policy Committee that lending rates obtainable in all Deposit Money Banks (DMBs) should be made public on a regular basis.

The policy is designed to improve market transparency and enable businesses and investors to make more informed financing and investment decisions.

The report shows significant variation in deposit rates across the banking sector.

Demand deposit accounts, typically current accounts, recorded very low average interest rates due to their high liquidity. Most banks offered returns ranging from 0.01 percent to about 4.5 percent, with some institutions reporting rates as low as 0.04 percent.

Savings deposits recorded relatively higher returns. Many banks offered rates between 7.95 percent and 8.25 percent, reflecting the benchmark savings rate framework in the Nigerian banking system.

Banks such as Stanbic IBTC Bank, Fidelity Bank, Wema Bank and Premium Trust Bank were among lenders offering savings deposit rates around the 8 percent range.

Time deposits—fixed deposits with agreed maturity periods—recorded the highest deposit yields in the industry. The data shows rates ranging from about 8 percent to nearly 20 percent, depending on the bank and tenor.

Some banks posted time deposit rates above 18 percent, reflecting aggressive liquidity mobilisation strategies amid tight monetary conditions.

On the lending side, the data indicates that prime lending rates—the rates offered to the most creditworthy customers—generally ranged between 19 percent and 32.5 percent across the banking sector.

Meanwhile, maximum lending rates, which represent the highest rates banks charge riskier borrowers, were significantly higher, reaching as much as 60 percent in some cases.

Several banks including Ecobank Nigeria, Sterling Bank, Union Bank of Nigeria and Polaris Bank reported prime lending rates within the mid-20 to low-30 percent range.

Maximum lending rates in some institutions exceeded 35 percent, reflecting the elevated risk environment and tight monetary stance in the economy.

The interest rate data also reflects lending conditions across a wide range of economic sectors.

These include agriculture, manufacturing, construction, oil and gas, transportation, information and communication, education, healthcare, capital markets and government financing, among others.

Other sectors captured include mining and quarrying, professional services, utilities, water supply and waste management, arts and entertainment, and administrative and support services.

The broad sectoral coverage highlights the role of the banking sector in financing key segments of the Nigerian economy.

The CBN noted that the rates will now be published weekly in selected national newspapers and made available on its official website.

According to the regulator, the move aligns with its commitment to transparency, market discipline and improved information flow in the financial system.

Financial analysts say the publication of lending rates will help businesses compare borrowing costs across banks and strengthen competition within the industry.

They also note that the data provides investors, corporates and policymakers with a clearer picture of credit pricing dynamics in Nigeria’s banking sector.

With interest rates remaining elevated amid ongoing monetary tightening, the disclosures are expected to play a key role in shaping borrowing decisions and investment strategies across the economy.

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