In accordance with the transparency and full disclosure stance of the Central Bank of Nigeria, the Monetary Policy Committee decided that all lending rates by Deposit Money Banks will be made public to guide business decisions. Consequently, the prime and maximum mortgage rates for the month of August 2014, obtainable from all Nigerian Banks are shown below. It reflects the cost of borrowing and also includes all charges and commissions levied by banks.
Average prime rate for all banks was 18.54% and the average for the maximum rates was 25.55%. Overall average mortgage rate was 22.04%. These high double digit rates easily demonstrate how difficult it is for typical Nigerians to get access to finance for acquiring homes. The NMRC and the Lagos HOMS have been set up to tackle this obstacle head on.
Rates are shown below.