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

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

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Interest On Savings Accounts Reduced To 10% Of MPR - CBN by tunene66(op): 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(op): 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.

1 Reply

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