CBN Reduces Interest Rate On Savings Deposits

The Central Bank of Nigeria, CBN, has instructed deposit money banks in Nigeria to cut interest rate payable on monies held in savings accounts to around 1.25% per annum from the previous benchmark of around 3.75 per annum.

Interest rate

According to the statement contained in a circular to all banks which dated August 31, 2020, the rate cut is effective from September 1, 2020.

With the development, analysts expect a mass exodus of funds idling in savings deposit accounts into money market instruments, which currently gives returns of around 3-5% per annum, as well as the real sector.

From: TheWillng

 

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