Higher interest rates signal end to cheap consumer loans

February 24, 2021

Nigerian banks are reviewing interest on loans following the hike in rates of money market instruments

It was a Saturday morning when Olarika Abioye (not real name) got an unexpected message from her bank, Guaranty Trust Bank (GTBank). The message informed her of an upward review on the interest rate on personal loans. "Due to money market conditions, the interest rate on your current loan facilit

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