The Central Bank of Nigeria has reviewed the rate on local currency savings deposit, CBN said rates shall be negotiable subject to a minimum of 10% per annum of Monetary Policy Rate, effective September 1, 2020.
Below is the letter to all Banks
RE: INTEREST RATE ON SAVINGS DEPOSIT
The Central Bank of Nigeria (CBN) has noted with satisfaction the recent declining trend in market rates in the banking sector following the implementation of policies aimed amongst others, at stimulating credit flow to the real sector.
In line with recent market developments, the Bank has reviewed the minimum interest payable on savings deposits as provided in its Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions issued in December 2019.
Consequently, all deposit money banks are hereby informed that effective September 1, 2020 interest on local currency savings deposits shall be negotiable subject to a minimum of 10% per annum of Monetary Policy Rate.
This Letter supersedes that of August 31, 2020 referenced BSD/DIR/GEN/LAB/13/051 on the same subject.