Banks raise lending rates to 30 per cent
They paid between 15.01 per cent and 30.70 per cent on borrowed funds but the interest paid on their term deposits dropped by 1.46 per cent to 6.27 per cent, the CBN’s economic report for the first quarter of the year shows.
The rising lending rates, analysts said, have led to upward pressure on market rates and cost of production for the manufacturing sector. Despite the rise in lending rates, CBN Governor, Godwin Emefiele said aggregate domestic credit grew by 5.16 per cent in June 2020 compared with 7.47 per cent in May 2020.The total gross credit in Nigeria rose by N3.33 trillion from N15.56 trillion at end-May 2019 to N18.90 trillion at end-June 2020.
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