“No Bank In Nigeria Can Unilaterally Change /Vary Interest Rate Of Its Agreement With A Customer”.

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DAILY LAW TIPS by Onyekachi Umah,Esq.(Tip 168)
“No Bank In Nigeria Can Unilaterally Change /Vary Interest Rate Of Its Agreement With A Customer”.
Where there is an agreement between a bank and its customer showing agreed interest rate but without an option for variation of such Interest, such bank cannot vary/change the interest rate. It does not matter whether or not there is a new interest rate from Central Bank of Nigeria.
My authority is the Supreme Court’s decision in the case of UBN PLC v. AJABULE & ANOR (2011) LPELR-8239(SC).
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