CBN reportedly cuts interest rate on savings deposit to 1.25%

The Central Bank of Nigeria has directed all deposit money banks in Nigeria not to pay less than 1.25% in interest on savings deposits accounts.

In a circular which was signed by the Director of financial regulators of banking supervision, Bello Hassan on Tuesday 1st September 2020, it stated that the bank is satisfied with the recent declining trend in the market rates of the banking sector following the implementation of policies which was aimed at stimulating credit flow in the real sector.

Consequently, all deposit money banks are informed that effective from 1st September 2020, interest on local currency saving deposits should be negotiable subject to a minimum of 10% per anum of monetary policy rates, as read in parts of the circular.

Source:channels tv

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