Relief as Banking Sector Lending Rate to Businesses Drop to 29.19% 

The banking sector's average maximum lending rate dropped to 29.19% in August 2026, a decrease of about 3.96 percentage points from 33.16% in July 2026, according to the Central Bank of Nigeria's Money Market Indicator. This is the lowest rate this year, coinciding with a reduction in the Monetary Policy Rate to 26.50% from 27%. The maximum lending rate is the highest interest rate banks can charge borrowers. Earlier in 2026, the average maximum lending rate peaked at 35.17% in February despite the MPR being reduced to 26.50%.

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