No More 25%: Zenith Bank, Access, GTB Adjust Rate for Customers to Get Loan, Others [Video]

• Nigerian banks have begun raising interest rates to be in tune with the current realities as directed by the CBN
• This is as the CBN increased the monetary policy rate by 400 basis points at its last MPC meeting
• Analysts said that the customers will feel the effect of the interest rate hike intended to control inflation

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

After the Central Bank of Nigeria (CBN) raised the benchmark interest rate, banks repriced their assets, meaning customers would have to pay more for borrowing money.

As a result, the cost of loans, mortgages, and other credit products has increased.

Recall that the CBN raised the monetary policy rate (MPR) on February 27, 2024, from …