Deposit Money banks (DMBs) have increased their interest rates on deposits to reflect the latest Monetary Policy Rate announced by the Central Bank of Nigeria.
TimesNow.com.ng reported that the CBN raised the Monetary Policy Rate (MPR) to 24.75% in May 2024 from 22.75% in February 2024.
Checks showed that 18 Nigerian banks now offer their customers at least 7.88% interest on their deposits as of June 28, 2024.
This is higher than the 5.55% average interest offered as at June 2023.
Earlier, TimesNow.com.ng reported that after the CBN raised the benchmark interest rate, banks repriced their assets, meaning customers would have to pay more for borrowing money.
As a result, the cost of loans, mortgages, and other credit products has increased.
Recall that the CBN raised the monetary policy rate (MPR) on February 27, 2024, from 18.75% in July 2023 to 22.75%, a 400 basis point rise.
Source: TimesNow.com.ng
