As of the end of December 2022, the maximum lending rate in the banking sector was 29.13 percent, while savings deposit rates were 4.13 percent. Figures obtained from the Central Bank of Nigeria on money market indicators were revealed.
According to the report, the prime lending rate was 13.85%, while the inter-bank call rate was 12%.
The federal government can provide tax breaks in certain circumstances.
It stated that the CBN, like other developing-country central banks, achieved the monetary policy goal through the amount of money supplied. These banks will then provide MSMEs with financial products at interest rates that are typically based on the policy rate.”