Bank Customers will earn more money as CBN has increased the interest on savings deposits to 4.65%.
Newsonline reports that the Central Bank of Nigeria (CBN) has directed banks to pay at least 4.65% interest on savings deposit accounts, up from 4.2% earlier.
This is due to a 150 basis point increase in monetary policy rates to 15.5% from 14%. This hawkish decision by the central bank resulted in an increase in the interest rate on savings deposits, which has the potential to mob up the money in circulation.
Mr. Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), announced the MPR modification at Tuesday’s monetary policy committee meeting.
Context: The Monetary Policy Rate (MPR) is the rate at which the CBN lends money to banks. It is a benchmark rate for lending in the financial services sector. Savings deposit rates are default rates banks pay customers for keeping their money in the banks. Previously, the MPR was pegged at 14% by the CBN and 30% of that is 4.2%. Currently, the MPR is at 15.5% and 30% of that is now 4.65%.
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