The Nigerian banking industry pays its customers an average interest rate of 7.88% on savings in their bank accounts.
The figures, published by the Central Bank of Nigeria, varied across banks, with the Coronation Bank offering the highest rate.
Checks by TimesNow.com.ng showed that the lowest rate banks offered customers was 1.15% interest on deposits as of November 1, 2024.
The deposit rate is the interest rate paid by commercial banks or financial institutions on cash deposits of account holders.
Ealier, TimesNow.com.ng reported that Nigerian commercial banks have recorded an increase in customer deposits so far in 2024 despite the economic situation
United Bank for Africa leads the list, followed by Access Holdings, the parent company of Access Bank
The CBN has consistently assured Nigerians that banks are safe and funds in customers’ accounts are fully secured.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
