Interest Rate on Bank Loans (Local Currency) in Nigeria

Interest rate on bank loans reached 11.5% in 2021 in Nigeria, according to the National Central Bank. This is 15.8% less than in the previous year.

Historically, interest rate on bank loans in Nigeria reached an all time high of 31.7% in 1993 and an all time low of 6.00% in 1977.

Nigeria has been ranked 30th within the group of 94 countries we follow in terms of interest rate on bank loans.