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Nairaland Forum / Nairaland / General / Business / Interest On Savings Accounts Reduced To 10% Of MPR - CBN (543 Views)
CBN Raises Benchmark MPR By 200 Basis Points To 24.75% / CBN Asks Banks To Pay Higher Interest On Savings / CBN Raises MPR To 13% From 11.5% (2) (3) (4)
Interest On Savings Accounts Reduced To 10% Of MPR - CBN by tunene66: 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
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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. 1 Like |
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: 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?
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Re: Interest On Savings Accounts Reduced To 10% Of MPR - CBN by nedu666: 9:13pm On Sep 01, 2020 |
ggirl4real: 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: 1:15am On Sep 02, 2020 |
seunmsg: Yes |
Re: Interest On Savings Accounts Reduced To 10% Of MPR - CBN by motherlode: 10:40am On Sep 02, 2020 |
Ausmos: 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: Lol... The rates have been historically low... Therefore been overlooked by Nigerians. |
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