Access · Market conditions · Lagos, Nigeria
Lender funding costs — follow-up on credit conditions
A follow-up with a commercial lender’s treasurer on whether the funding-cost easing is real and passing through to credit conditions.
As of 5 Aug 2026. This record describes what was known and observed at the time of the engagement — with the source, evidence and context attached, and a currency layer that says when it needs a fresh look.
The context behind the answer.
“Is the funding-cost easing real, and is it passing through to credit conditions?”
A follow-up with a commercial lender’s treasurer on whether the funding-cost easing is real and passing through to credit conditions.
Access brief
Kofa-led Access
5 Aug 2026
Lagos, Nigeria
Folake Ademola
The moments that mattered, with the source.
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Interbank rates have drifted down and the first tranches of wholesale funding are pricing tighter.
“More than a drift. The last two auctions cleared tighter than the market expected.”View in transcript 
The pass-through is uneven — big corporates drew down, the SME tranche is still waiting.
“Early numbers are mixed — the big corporates drew down, the SME tranche is still waiting on documentation.”View in transcript The easing is real at the funding level — interbank has moved and wholesale funding is pricing tighter. The open question is the pass-through, not the move itself. Watch the first quarter of disbursements.
The interbank move is more than a drift — the last two auctions cleared tighter than the market expected. The easing shows in treasury first; the street lags.
Findings are organised around the original question, not the conversation. Every finding traces to the claims and evidence below.
“More than a drift. The last two auctions cleared tighter than the market expected.”
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The easing is real at the funding level — interbank has moved and wholesale funding is pricing tighter.
The first quarter of disbursements is the proof point — the pass-through is still uneven.
Interbank rates have drifted down and the first tranches of wholesale funding are pricing tighter.
“More than a drift. The last two auctions cleared tighter than the market expected.”
The pass-through is uneven — big corporates drew down, the SME tranche is still waiting.
“Early numbers are mixed — the big corporates drew down, the SME tranche is still waiting on documentation.”
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Read the recordCite this record — Kofa, “Lender funding costs — follow-up on credit conditions,” Decision Asset, 5 Aug 2026.
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