Region

Jurisdiction

Regulator

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

Website: www.cenbank.org 09-462-36403 09-616-36418 January 6. 2010 BSD/DIR/GEN/CIR/04/001 CIRCULAR TO ALL BANKS IN NIGERIA RE: PUBLICATION OF INTEREST RATES In line with the CBN policy to ensure that Transparency and Accountability are entrenched in the banking sector, banks are henceforth required to submit on weekly basis to the CBN their average deposit and lending rates in line with our previous circulars numbers BSD/DIR/GEN/CIR/02/019 dated January 29, 2009 and BSD/DIR/GEN/CIR/01/023 dated October 14, 2009.

The CBN shall publish the rates on Wednesday of every week in some of the National dailies and post same on its website to enable the public and other relevant stakeholders monitor the actual lending and deposit rates of banks.

In line with the current practice, banks should continue to publish their interest rates on their websites.

Also, going forward the CBN will, in addition to undertaking spot checks on banks to verify the accuracy of the rates being published, carry out direct third party confirmation from the users of these funds as the need arises. Any bank that is found to have rendered inaccurate interest rate returns capable of misinforming and misleading the public shall be sanctioned.

Sanctions will be publicized by the CBN.

Consequently, banks are directed to submit their weekly average interest rates returns as per the attached format before the close of business of every Monday following the preceding week. In addition, soft copies should be sent to BSDReturns@cenbank.org and the hard copies forwarded thereafter to the Director, Banking Supervision Department.

Please note that this circular takes immediate effect.

SAMUEL A. ONI DIRECTOR OF BANKING SUPERVISION These are the interest rates banks charge the public on loans and advances. It reflects the cost of borrowings and includes all charges and commissions levied by banks. The pubication of these rates is to promote transparency in the pricing and provision of banking services. These rates are also available on the central bank of nigeria

Deposit	Lending Rate
NAME OF	Demand	Savings
BANK	Deposit	Deposit	Time Deposit		Real Estate &
	Agriculture	Oil & Gas	Fin. & Ins.
	Manufacturing.	Const
Mining & Quarrying		Govt.
	Transp. &
	General Comm.	Mortgage	Comm.
1	Ave.Int Rate Ave.Int Rate	Ave.Int Rate Prime Max. Prime Max.	Prime Max.	Prime Max.	Prime Max.	Prime Max.	Prime	Max.	Prime Max.	Prime Max.	Prime Max.