CBN ORDERS BANKS TO PAY A MINIMUM OF 10% MPR AS INTEREST ON SAVINGS DEPOSIT
The Central Bank of Nigeria has directed all banks to pay at least 10% of its Monetary Policy Rate on savings deposits.
CBN issued the directive on Tuesday, September 1 via a letter sent to all banks in the country.
“All deposit money banks are hereby informed that effective September 1, 2020 interest on local currency savings deposits shall be subject to a minimum of 10% per annum of Monetary Policy Rate,” the CBN said.
MPR is CBN’s benchmark interest rate. The apex bank usually uses it to moderate inflation in the economy.