Personal loans hit N1.96 trillion, account for over half of total consumer credit – CBN

The Central Bank of Nigeria (CBN) has disclosed that personal loans now make up more than half of all consumer credit in the country. According to the CBN Economic Report, total consumer credit rose to N3.81 trillion in January 2026, up from N3.78 trillion in December 2025.

This 0.79% increase was driven entirely by a 5.95% rise in personal lending. Personal loans stood at N1.96 trillion, representing 51.44% of total consumer credit. In contrast, retail lending fell by 4.15% to N1.85 trillion, accounting for 48.56% of consumer credit.

The report stated: “Consumer credit outstanding increased by 0.79% to N3.81tn. The increase was solely driven by the rise in personal loans by 5.95% to N1.96tn, which constituted 51.44% of total consumer credit.”

CBN releases latest bank lending rates

The CBN also published the latest prime and maximum lending rates for commercial and merchant banks as of May 22, 2026. Prime rates are for low-risk borrowers, while maximum rates apply to higher-risk customers.

Ecobank and FCMB recorded the highest maximum lending rates. Ecobank’s prime rate is 26.75% and its maximum rate is 48.00%. FCMB’s prime rate is 31.00% and its maximum rate is 46.00%.

Stanbic IBTC has the widest gap between its prime rate of 1.00% and maximum rate of 60.00%. Other notable rates include Access Bank at prime 25.50% and maximum 32.00%, and Zenith Bank at prime 24.06% and maximum 32.00%.

Full list of bank lending rates:

Access Bank – Prime: 25.50%, Max: 32.00%
Alpha Morgan Bank – Prime: 27.00%, Max: 33.00%
Citi Bank – Prime: 19.00%, Max: 20.00%
Coronation Merchant Bank – Prime: 22.00%, Max: 33.00%
Ecobank – Prime: 26.75%, Max: 48.00%
Quest Merchant Bank – Prime: 5.00%, Max: 32.50%
FCMB – Prime: 31.00%, Max: 46.00%
Fidelity Bank – Prime: 30.00%, Max: 36.00%
First Bank Of Nigeria – Prime: 26.00%, Max: 38.00%
Fsdh Merchant Bank – Prime: 25.00%, Max: 33.00%
Globus Bank Ltd – Prime: 28.50%, Max: 33.00%
Greenwich Merchant Bank – Prime: 23.60%, Max: 29.50%
Guaranty Trust Bank – Prime: 21.00%, Max: 32.00%
Keystone Bank Ltd – Prime: 30.50%, Max: 36.00%
Nova Bank – Prime: 30.00%, Max: 19.61%
Optimus Bank – Prime: 28.50%, Max: 35.00%
Parallex Bank – Prime: 30.00%, Max: 32.50%
Polaris Bank – Prime: 29.00%, Max: 39.90%
Premium Trust Bank – Prime: 28.00%, Max: 36.00%
Providus Bank – Prime: 26.50%, Max: 35.00%
Rand Merchant Bank Nig. Ltd – Prime: 20.00%, Max: 20.00%
Signature Bank – Prime: -, Max: -
Stanbic Ibtc – Prime: 1.00%, Max: 60.00%
Standard Chartered Bank – Prime: 27.00%, Max: 29.00%
Sterling Bank – Prime: 26.00%, Max: 33.50%
Suntrust Bank – Prime: 22.00%, Max: 37.00%
Tatum Bank – Prime: 40.63%, Max: 45.63%
United Bank For Africa – Prime: 28.50%, Max: 32.00%
Union Bank – Prime: 16.95%, Max: 38.00%
Unity Bank – Prime: 30.00%, Max: 38.00%
Wema Bank – Prime: 32.50%, Max: 34.50%
Zenith Bank – Prime: 24.06%, Max: 32.00%