August 23, 2023.
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In July, the gap between the maximum lending rate and savings deposit rate in the banking sector increased by 22.14 percent.
Savings deposit rates in banks saw a slight rise to 5.24 percent, up from 5.18 percent in June.
Meanwhile, the maximum lending rate decreased slightly to 27.38 percent from June’s 28.94 percent. The Central Bank of Nigeria also reported a rise in the prime lending rate to 13.98 percent in July.
Other deposit rates for various durations were mentioned, with treasury bills rates increasing to 4.45 percent in July from 3.87 percent in June.
It revealed that 12-month, six-month, three-month, one-month deposit rate, and savings deposit rate in July were 7.83 per cent, 8.54 per cent, 7.68 per cent per cent, 7.15 per cent and 5.18 per cent respectively.(www.naija247news.com).
