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Interest On Savings Accounts Reduced To 10% Of MPR - CBN - Business - Nairaland

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CBN Raises Benchmark MPR By 200 Basis Points To 24.75% / CBN Asks Banks To Pay Higher Interest On Savings / CBN Raises MPR To 13% From 11.5% (2) (3) (4)

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Interest On Savings Accounts Reduced To 10% Of MPR - CBN by tunene66: 7:37pm On Sep 01, 2020
The minimum interest rate on savings account has been reduced to10% of MPR (Monetary Policy Rate) from 30% of MPR effective September 1 2020.
This is as per a letter from CBN to all banks.

In era of increasing inflation and "devalued" Naira this is a further erosion of the earning capacity of the average Nigerian battling with the reduced economic activity as a result of the Covid-19 pandemic.


https://www.cbn.gov.ng/documents/circulars.asp

Re: Interest On Savings Accounts Reduced To 10% Of MPR - CBN by Ausmos: 8:17pm On Sep 01, 2020
Buhari and goons seriously working to ensure undesirable next level. No be only me dey inside.
Imagine someone fixing #1 million for almost a year and the interest accrued is barely up to 20k while his cronies are busy laundering the scarce dollars to purchase property in Dubai and the rest.

There was a country indeed.

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Re: Interest On Savings Accounts Reduced To 10% Of MPR - CBN by ggirl4real: 8:19pm On Sep 01, 2020
OP, how will this affect the interest on on savings of individuals bank customers?

Will commercial banks reduce their rates?
Re: Interest On Savings Accounts Reduced To 10% Of MPR - CBN by seunmsg(m): 8:24pm On Sep 01, 2020
tunene66:
The minimum interest rate on savings account has been reduced to10% of MPR (Monetary Policy Rate) from 30% of MPR effective September 1 2020.
This is as per a letter from CBN to all banks.

In era of increasing inflation and "devalued" Naira this is a further erosion of the earning capacity of the average Nigerian battling with the reduced economic activity as a result of the Covid-19 pandemic.


https://www.cbn.gov.ng/documents/circulars.asp

Are you sure you know what you’re talking about?
Re: Interest On Savings Accounts Reduced To 10% Of MPR - CBN by Janadozz(m): 8:46pm On Sep 01, 2020
Interest on savings account in Nigeria? Have there been interest before?

Re: Interest On Savings Accounts Reduced To 10% Of MPR - CBN by nedu666: 9:13pm On Sep 01, 2020
ggirl4real:
OP, how will this affect the interest on on savings of individuals bank customers?

Will commercial banks reduce their rates?

Of course
Re: Interest On Savings Accounts Reduced To 10% Of MPR - CBN by Epstein(m): 9:15pm On Sep 01, 2020
Buhari/Nigeria is evil............
Re: Interest On Savings Accounts Reduced To 10% Of MPR - CBN by tunene66: 1:15am On Sep 02, 2020
seunmsg:


Are you sure you know what you’re talking about?

Yes
Re: Interest On Savings Accounts Reduced To 10% Of MPR - CBN by motherlode: 10:40am On Sep 02, 2020
Ausmos:
Buhari and goons seriously working to ensure undesirable next level. No be only me dey inside.
Imagine someone fixing #1 million for almost a year and the interest accrued is barely up to 20k while his cronies are busy laundering the scarce dollars to purchase property in Dubai and the rest.

There was a country indeed.


This is crazy. However, it's the sad reality today.
Re: Interest On Savings Accounts Reduced To 10% Of MPR - CBN by motherlode: 10:46am On Sep 02, 2020
Janadozz:
Interest on savings account in Nigeria? Have there been interest before?

Lol...
The rates have been historically low... Therefore been overlooked by Nigerians.

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