Nigerian Banks To Pay Higher Interest On Savings – CBN
August 18, 2022
5:41 am
The Central Bank of Nigeria, CBN has confirmed that henceforth, the minimum interest rate on Naira savings deposits has now been increased from 0.15 percent to 4.2 percent.
Africa Daily News, New York reports that the recent change was implemented on August 1, 2022.
The rate has been increased from 10% to 30% of the Financial Regulation Rate, according to a memo from the bank dated August 15, 2022, and issued by Haruna Mustafa, director of the banking supervision department (MPR).
In an effort to combat inflation, the bank hiked the standard interest rate to 14% in July from …
