The Central Bank of Nigeria has released the latest saving deposit interest rates for various Deposit Money banks (DMBs)
A savings rate is the interest rate Nigerian banks pay their customers to save money, which varies between banks.
The changes reflect the most recent decision by the CBN to raise the Monetary Policy Rate (MPR).
TimesNow.com.ng earlier reported that after a 2-day meeting held on the 22nd and 23rd of July 2024, the apex bank decided to hike the MPR to 26.75% from the previous rate of 26.25%.
The MPR serves as a guide for commercial banks to determine their interest rates for customer loans and deposits.
In reaction to the change, Nigerian banks, including Access, United Bank for Africa, and Zenith, among others, have adjusted savings deposits.
Checks by TimesNow.com.ng show that the new rates published by CBN indicate that banks now offer savings deposit rates ranging from 7.88% to 21.87%.
TimesNow.com.ng previously reported that the CBN released six new directives on how domiciliary bank accounts should operate in the country.
The move aims to promote transparency, discourage speculation, and ensure overall stability in the forex market.
Access, Zenith, and Guaranty Trust, among several other commercial banks, are expected to make the necessary adjustments.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
