2009-04-29 | BSD/DIR/GEN/CIR/03/005

RE: Sanctions for the Violation of the Decision on Maximum Deposit Rate, Lending Rate and Other Charges

This circular from the Director of Banking Supervision clarifies that the new caps on deposit and lending rates, along with other charges at 15%, 22%, and 2% per annum respectively apply to all forms of deposit and lending transactions between banks and customers, as well as inter-bank dealings, but do not affect transactions entered before April 1, 2009. The circular has no retroactive effect.

Nigeria

Central Bank of Nigeria

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