Ugodre talks Figures: Deposit vs lending rates in Nigeria… banks keep cheating

by Ugodre Obi-Cukwu

When it comes to banking in Nigeria, there is no such thing as a fair bargain for depositors.

They are coerced or forced to deposit their hard earned cash into Nigerian banks at rates well below inflation rate. To make matters worse they get to borrow at more than three times the interest rates bank’s pay them to deposit.

It’s an issue I have talked about mostly on this blog. Thankfully the CBN Half year economic report for 2012 proves just that.

The difference is clear isn’t it??

Read more from Ugometric’s blog HERE

One comment

  1. Thanks for this your analysis. The weakest link in my knowledge base is in economics but I always feel the Nigerian economist is a disaster because they have no positive impact on the nation.

    I watch American TV a lot and what I came to learn of late is that the US and most European economies struggling with recessionary drag on their economies have reduced banks' interest rates to nearly zero just to stimulate the economy. In Nigeria, I really don't know from which playbook they're operating; or do they think we're having a booming economy when banks lend at 23% ? It's crazy out here.

    @OIbhagui

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