Connect with us

News

CBN Orders Banks to Pay 10%  Interest on Savings Deposit

Published

on

images 2020 09 03T104716.694

The Central Bank of Nigeria (CBN) has ordered banks to pay 10% of it’s Monetary Policy Rate (MPR) as the minimum interest rate on savings deposit henceforth.

The MPR is the benchmark interest rate of the CBN and it is presently 12.5 per cent. This implies bank customers will now get 1.25 per cent as a minimum interest rate on their savings deposit.

The apex bank announced the peg in a directive to banks signed by Bello Hassan, Director of Banking Supervision, CBN.

Advertisement

“All deposit money banks are hereby informed that effective September 1, 2020, interest on local currency savings deposit shall be negotiated subject to a minimum of 10 percent of Monetary Policy Rate (MPR)”, the CBN said.

Follow the news on Twitter

Join us on Telegram

Apply For Latest Jobs Here

Advertisement
Click to comment

Leave a Reply