CBN drop bank lending rates , your loan don become wahala o

My brother, you see the way CBN just release new lending rates for all banks as at January 9 2026? I dey tell you, if you think say loan go help you, better think twice. Access Bank prime rate na 25.50% and max rate 32%. FCMB max rate 46.10%! Ecobank max rate 48%. Na wa o.

For those of us wey dey hustle on Lagos road, this one mean say even if you get good credit, you go still pay eye-watering interest. The CBN say dem do am for transparency, but I no know how transparency go help person wey borrow N500,000 and end up paying back N800,000. The bank rates dey vary based on your creditworthiness , if you get poor credit, dem go charge you the max rate.

My advice? If you no get strong credit, run from loan like plague. Better save small small or borrow from family. Because with these rates, you fit work tire and still owe bank.