The Central Bank of Nigeria has published the new 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.
According to CBN’s latest data, banks now offer an average savings deposit rate of 8.18% compared to the previous average rate of 7.88%.
The changes reflect the recent monetary policy decision reached by the CBN.
TimesNow.com.ng, in an earlier report, revealed that the CBN’s Monetary Policy Committee (MPC), on Tuesday, November 26, increased the benchmark interest rate to 27.50% in November 2024.
While the CBN’s adjustment of interest rates means higher borrowing costs, it also translates to higher returns for bank customers on their savings accounts.
Earlier, TimesNow.com.ng reported on commercial banks with the highest customer deposits in 2024.
The report showed that United Bank for Africa leads the list, followed by Access Holdings, the parent company of Access Bank.
Nigeria has one of the most successful financial institutions in Africa.
Source: TimesNow.com.ng
