₦airaland Forum

The Central Bank of Nigeria (CBN) has ordered banks to henceforth pay 10% of it’s Monetary Policy Rate (MPR) as the minimum interest rate on savings deposit.


The MPR is the benchmark interest rate of the CBN and it is presently 12.5 per cent. This implies bank customers will now get 1.25 per cent as a minimum interest rate on their savings deposit.

directive to banks signed by Bello Hassan, Director of Banking Supervision, CBN.

“All deposit money banks are hereby informed that effective September 1, 2020, interest on local currency savings deposit shall be negotiated subject to a minimum of 10percent of Monetary Policy Rate (MPR)”, the CBN said.

Source:https://www-vanguardngr-com.cdn.ampproject.org/v/s/www.vanguardngr.com/2020/09/cbn-orders-banks-to-pay-10of-mpr-as-interest-on-savings-deposit/amp/?amp_js_v=a2&amp_gsa=1

Ok

Hope the bank will not shift this burden to the consumers because those people cannot be trusted

gji3ec1:
Hope the bank will not shift this burden to the consumers because those people cannot be trusted

I swear.

Banks go systematically remove 3tripple of what ever they gave you

Access Bank should be exempted please because they will ruin my 1k with vexation afterwards...

Zigzag bank with their irregular charges

Bank to pay or bank to collect...? These days wey everybody nah thief...!!