2010-01-06 | BSD/DIR/GEN/CIR/04/001

Re: Publication Of Interest Rates

In compliance with the CBN's policy to ensure transparency and accountability in Nigeria's banking sector, all banks are now required to submit their weekly average deposit and lending rates as specified by previous circulars. The CBN will publish these rates every Wednesday in national newspapers and on its website. Banks should also continue publishing interest rates on their own websites. In addition, the CBN may conduct spot checks and third-party confirmations from loan users to verify the accuracy of these rates. Sanctions will be imposed for any bank found publishing inaccurate data, which will then be publicized by the CBN. This circular takes immediate effect and should be followed closely.

Nigeria

Central Bank of Nigeria

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