2020-09-01 | BSD/DIR/GEN/LAB/13/052

Re: Interest Rate on Savings Deposit

The Central Bank of Nigeria has observed a positive trend of declining market rates in the banking sector. In response, the Bank has reviewed and increased the minimum interest rate payable on savings deposits to 10% per annum of the Monetary Policy Rate. This new directive takes effect on September 1, 2020, and supersedes the previous letter on the same subject.

Nigeria

Central Bank of Nigeria

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