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Savings & Lending Rates: 1991-1998, 2002 & 2004 (Reviewed, 11th Dec 2005)

 

Average Interest Rate (%)

January - December, 2004

Month

Savings Account

Time Deposit

Prime Lending Rate

Minimum Rediscount Rate

(MRR)

7-Day

1-Month

3 Months

6 Months

12 Months

January

4.9

7.0

12.9

13.9

11.6

10.2

19.7

15

February

4.9

6.9

12.4

13.9

11.9

10.2

19.7

15

March

4.7

6.8

12.2

14.9

11.6

10.2

20.0

15

April

5.0

6.9

12.9

14.0

11.4

10.2

21.9

15

May

4.8

7.0

12.9

14.0

11.7

10.2

21.0

15

June

4.9

7.2

13.3

14.2

12.2

10.1

19.2

15

July

5.1

7.3

13.7

14.3

12.5

10.0

19.9

15

August

5.2

7.4

13.8

14.6

12.9

9.9

20.1

15

September

5.1

7.2

13.8

14.3

12.5

9.8

20.0

15

October

5.2

7.2

13.9

14.3

12.7

9.8

20.3

15

November

4.9

7.1

13.1

14.5

12.4

9.9

19.1

15

December

4.7

9.9

14.4

14.7

14.7

14.0

19.0

15

Average

4.9

7.3

13.3

14.3

12.3

10.8

20.0

 -

 

Average Interest Rate (%)

January - December, 2002

 

Month Savings Account Time Deposit Prime Lending Rate

Minimum Rediscount Rate

(MRR)

7-Day 1-Month 3 Months 6 Months 12 Months
January 5.9 9.2 12.3 13.9 14.6 14.6 21.9 20.5
February 5.6 9.2 12.5 13.8 14.5 15.2 22.7 20.5
March 6.1 9.0 12.3 13.7 14.2 15.4 22.5 20.5
April 6.0 9.1 12.4 13.3 13.8 15.1 22.5 20.5
May 6.1 9.0 12.3 13.5 14.1 15.0 22.2 20.5
June 6.0 9.1 12.3 13.4 13.8 15.4 22.4 20.5
July 5.2 8.8 12.0 13.2 14.7 15.0 22.0 18.5
August 5.4 9.1 13.4 14.5 15.2 15.5 24.5 18.5
September 5.1 8.7 11.8 12.2 13.5 14.2 24.8 18.5
October 5.1 9.1 11.5 12.1 13.7 14.1 24.0 18.5
November 5.2 8.1 10.5 12.0 12.6 13.4 22.5 18.5
December 5.2 8.3 10.8 12.5 12.8 13.2 22.1 16.5
Average 5.57 8.9 12.0 13.18 13.96 14.68 22.8 19.3

Source: Nigeria Deposit Insurance Corporation (NDIC) 2002 Annual Report.

Historical: 1991 - 1998

                     Savings & Lending Rates

Year Savings Rates Lending Rates
1998 14.29 20.8
1997 16.1 31.2
1996 16.66 38.1
1995 12.61 21
1994 12.61 21
1993 10.11 21
1992 6.1 20.25
1991 5.2 21.4
 

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