₦airaland Forum

More money for Nigerians as CBN asks banks to pay higher interest on savings
The rate has been revised from 10 per cent to 30 per cent of the Monetary Policy Rate (MPR).

By Ayodeji Adegboyega


The Central Bank of Nigeria has raised the minimum interest rate on Naira savings deposits from 0.15 percent to 4.2 per cent.

The new directive took effect from August 1, 2022.

The bank in a circular dated August 15, 2022, and signed by Haruna Mustafa, director of the banking supervision department, said the rate has been revised from 10 per cent to 30 per cent of the Monetary Policy Rate (MPR).

In a bid to address inflation, the bank in July raised the benchmark interest rate to 14 per cent from 13 per cent, making it the second consecutive time the central bank would raise the benchmark rate in 2022.

“It will be recalled that as part of the efforts to ameliorate the impact of the COVID-19 pandemic, the Central Bank of Nigeria reduced the minimum interest rates payable on local currency savings deposits from 30% to 10% of the Monetary Policy Rate (MPR). This was aimed at stimulating growth in the larger economy following the economic-slowdown occasioned by the pandemic,” the CBN said.

“Following the return to full normalcy and considering the prevailing macroeconomic conditions, it has become necessary to effect an upward adjustment of the interest rate payable on local currency savings deposits.

“Accordingly, effective August 1, 2022, the negotiable minimum interest rate on local currency savings deposits shall be 30% of MPR. This supersedes our letter dated BSD/DIR/GEN/LAB/13/052 on the subject. September 1, 2020.”

With this new development, many Nigerians may now have to ditch various fintech firms that reward savings with better interest than the banks.

According to the latest deposit and lending rates in the banking industry published on the CBN website, eight out of 27 banks paid 1.40 per cent savings interest rates.

The banks are Access Bank, Citibank, Ecobank, Globus, Polaris, Stanbic IBTC, Sterling Bank, and Zenith Bank.

Others offered between 0.88 per cent to 4.20 percent.

https://www.premiumtimesng.com/news/headlines/549232-more-money-for-nigerians-as-cbn-asks-banks-to-pay-higher-interest-on-savings.html

Inflation will still wipe the interest away

Who takes CBN serious

How much interest

Only God can help the poor

Fraudulent activities and societies.

Remove your money from the bank, they'll never pay you the interest you deserve.

Why do I feel like CBN is mocking me and other common Nigerians?
No be who get money dey save?

A higher interest rate that inflation has destroyed.

After receiving the interest rate, the bank will debit you for alert, atm maintenance, and Federal govt electronic transfer levy. In the end, you will be running your account at a loss.

I don't know what they are saying
But I think I'll support them

Oyyana

hmmm issokay

Nonsense! only for you to get the interest on your savings to pay ransom for our forest leaders .

ok where the more money hope say no be all doz give 5 naira debit 20 naira as account maintenance una dey call more money nd making money to become useless nd loose more value

Bank will embezzlecbnwn nd

Banks like First Bank dey pay something like 1-2% on saving account, imagine that!

Mmmsshheewww Pro Max

How does this beat inflation?
Isn’t this a deliberate attempt to devalue the naira as the prices of things will still be bought at a high price.

I’m open to new knowledge tho

Lies.... Don't be deceived.
This government is a joke.

[center][/center]fools..
Fools
Fools
What can I buy in the market with the interest?


I love my wife

Higher interests on savings? Whata joke! people are struggling to afford basic food commodities and these goons are talking about saving. You can only save when you have extra, people don't even have enough let alone save.

How much high taxes will they be charged on their interests? Tiffs!

No b who get extra money Dey save...

Make all of us go dey save for "kolo" be dat

Incentive to encourage saving.

This is as a result of the meeting he had with Tinubu .. Better days ahead for us all in this Country when Tinubu assumes office . We shall enjoy the true dividends of democracy

Ironically, it's still the poor masses that bear the burden.
All in the name of :

SMS charges
USSD charges
ATM maintenance
Withholding tax
Account maintenance fee
Transfer/deposit charges


ETC

In response, banks will increase their charges for ATM cards maintenance, increase charges for money transfers, increase charges on text messages to customers.
It's hard to find other countries where banks charge depositors for the transactions named above.

Banks are very smart. They know how to collect it back

People are not leaving their monies anymore in naigerian banks, all these kangaroo banks will shut down soon.

Buhari useless policies turned most Nigerians to beggars. Before his advent, Nigerians were comfortable but right now most manage to eat a meal per day.

Na who get money go save in this useless dispensation