Businesses across key sectors of the economy are grappling with prohibitive borrowing costs as maximum lending rates charged by banks rose to as high as 46 per cent.
Vanguard analysis of banks deposit and lending rates published by the Central Bank of Nigeria CBN show that while prime lending rates largely hovered between 25 and 32 per cent, maximum lending rates-typically applied to higher-risk borrowers and unsecured facilities-spiked sharply across several banks and sectors, underscoring tight liquidity conditions and elevated risk pricing in the banking system .
