By the end of December 2022, the maximum loan rate in the banking industry was 29.13% while the return on savings deposits was 4.13%. Figures on money market indicators were acquired from the Central Bank of Nigeria.
The report states that the prime loan rate was 13.85% and the interbank call rate was 12%. In some circumstances, the federal government may offer tax benefits.
According to this, the CBN, like other central banks in emerging nations, accomplished the monetary policy objective by increasing the supply of money. The MSMEs will subsequently be able to purchase financial products from these banks at an interest rate typically based on the policy rate.