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Rising Interest Rates • Convertible, inter-company loans on increase • Six firms raise N364b from capital market in five years • High cost of borrowing weighing on real sector, operators warn • Stockbrokers task incoming administration on cost of borrowing, inflation • SMEs in limbo, pay as much as 32% on commercial loans
Whereas the Central Bank of Nigeria (CBN) pegs the maximum lending rate at 28.08 per cent as of the end of March, The Guardian learnt that some small and medium-scale enterprises (SMEs) pay as much as 33 per cent as interest on commercial loans. For microfinance banks (MFBs), which price their loans at monthly interest, the cost is much higher. The going monthly interest rate at the micro lenders level ranges from two to five per cent.
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