CBN slashes Minimum interest rate on saving deposit to 1.25%

In a way to stimulate the economy the CBN Central Bank Of Nigeria has slashed the interest rates payable of monies deposited on savings accounts from the previous benchmark 3.75% per annum to around 1.25% per annum.

This message was sent in a circular to all the banks in NIgeria and this change is effective from today the 1st of september 2020.

Most Economic Analyst said this move by the CBN will help smaller Banks to grow faster and make it easier for banks to cut lending rates to borrowers.

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