Banks raise lending rates for top borrowers despite CBN cuts

*Raise prime rates in 8 sectors, cut maximum rates *Agric, construction, manufacturing face higher rates  *Analysts warn of delayed impact of CBN rate cuts
By Babajide Komolafe, Economy Editor
Despite interest rate reductions by the Central Bank of Nigeria (CBN), banks have raised average prime lending rates in several key sectors of the economy, defying expectations of cheaper loans for businesses across the country.
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The CBN in September 2025  announced the first reduction in the Monetary Policy Rate (MPR), the financial market interest rate benchmark, to 27 per cent from 27.5 per cent, followed by another 50 basis points (bpts) reduction to 26.5 per cent in February...