CBN REDUCES INTEREST RATES ON SAVINGS DEPOSIT FROM 3.9% TO 1.25%

Written by on September 1, 2020

THE MINIMUM INTEREST PAYABLE ON SAVINGS DEPOSITED IN BANKS ACROSS THE COUNTRY WILL BE AT LEAST 10 PERCENT PER ANNUM OF THE MONETARY POLICY RATE.

IN AN AUGUST 31 LETTER TO DEPOSIT MONEY BANKS SIGNED BY BELLO HASSAN, DIRECTOR OF BANKING SUPERVISION,THE CENTRAL BANK OF NIGERIA SAID THE NEW MINIMUM INTEREST WILL BE EFFECTIVE SEPTEMBER 1, 2020.

WITH MPR AT 12.5 PERCENT, THIS NEW DIRECTIVE MEANS THAT THE INTEREST RATE ON SAVINGS DEPOSIT WILL GO FROM 3.9 PERCENT TO 1.25 PERCENT.

HASSAN,IN THE LETTER, SAID THE DIRECTIVE IS IN LINE WITH RECENT MARKET DEVELOPMENTS


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