Saturday, July 31st, 2021

CBN Adjusts Interest Rate on Savings Deposits

Nigeria apex bank, the Central Bank of Nigeria (CBN) in a letter dated 1st of September, 2020 adjusts interests rate on savings deposits. The letter which noted with satisfaction the recent declining trend in market rates in the banking sector following the implementation  of policies aimed amongst others, at stimulating credit flow to the real sector.

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The Central Bank of Nigeria, CBN letter signed by Bello Hassan, the director of banking supervision, reads further that; “In line with recent market developments, the Bank has reviewed the minimum interest Payable on savings deposits as provided in its Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions issued in December 2019.”

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Furthermore it says, “Consequently, all deposit money banks are hereby informed that effective September 1, 2020 interest on local currency savings deposit shall be negotiable subject to a minimum of 10% per annum of Monetary Policy Rate.”

The Letter is said to supersede that of August 31, 2020 referenced BSDIDIR/GEN/LAB/13/051 on the same subject.

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