The Central Bank of Nigeria has lifted the suspension on lending to banks through its Standing Lending Facility, SLF, adjusting the lending rate to 31.75 percent interest rate.

The apex bank disclosed this in a circular signed by its Director Financial Market Department, OMOLARA DUKE.

The CBN said commercial and merchant banks would earn a 19 percent interest rate on deposits above three billion naira in its Standing Deposit Facility (SDF).

Explaining the reason behind the SLF rate, CBN noted that the directive is based on the decision of the Monetary Policy Committee (MPC) adjusting the upper corridor of the standing facilities to 5.00 per cent from 1.00 per cent around the Monetary Policy Rate, MPR, at its 296th meeting.

The apex bank however noted that the directive is expected to take immediate effect.