RegAlert

Rule · CBN · 1 Sep 2020 · BSD/DIR/GEN/LAB/13/052

Re: Interest Rate on Savings Deposit

monetary

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.

NigeriaCentral Bank of Nigeria

Tel :..

09-46236403
CENTRAL BANK OF NIGERIA
Banking Supervision Department Central Business District P.M.B. 0187 Garki, Abuja.

E-mail: bsd@cbn.gov.ng BSD/DIR/GEN/LAB/13/052 September 01, 2020 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.

Yours faithfully, BELLO HASSAN
DIRECTOR OF BANKING SUPERVISION

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Circular Letter No. 51 dated2020-08-31Not in RegAlertCircular Letter No. 51 dated 2020-08-31 — Not in RegAlertRe: Interest Rate on SavingsDeposit2020-09-01 · this documentRe: Interest Rate on Savings Deposit (2020-09-01)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
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Supersedes
  • Circular Letter No. 51 dated 2020-08-31Not in RegAlert

    “This Letter supersedes that of August 31, 2020 referenced BSD/DIR/GEN/LAB/13/051 on the same subject.”

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Source: Central Bank of Nigeria — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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