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CBN Makes Reviews On Interest, Savings Deposits

CBN

In a bid to pacify bank customers, the Central Bank of Nigeria  has made a review on the minimum interest payable on savings deposits as provided in its Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions that was issued in December 2019.

As a result this and effective from today, the interest on local currency savings deposits will be a negotiable subject to a minimum of 10 per cent per annum of Monetary Policy Rate (MPR), against the previous 30 per cent.

In a letter to all banks which was dated August 31, 2020, and signed by its Director of Banking Supervision, Bello Hassan, the CBN stated 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.

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

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