First Bank, Zenith, Others Announce New Condition to Save Money in Bank After CBN Made Changes [Video]

• An interest rate of 8.18% on deposits is now offered to customers of 19 deposit money institutions
• This is after the CBN increased the minimum interest rate to 30% after the recent MPC meeting
• Banks offering 8.18% include Access Bank, Citi Bank, Ecobank, Fidelity, First Bank of Nigeria, Keystone Bank

Legit.ng journalist Zainab Iwayemi has 5 years of experience covering the Economy, Technology, and Capital Market.

In accordance with a recent monetary policy change by the Central Bank of Nigeria (CBN), 19 deposit money banks are now providing their clients with an interest rate of 8.18 percent on their deposits.

Commercial banks are required to offer a minimum interest rate of 30% of the Monetary Policy Rate (MPR) on consumer deposits.

To counteract growing inflation, BusinessDay reported that the CBN increased the MPR, also known as the benchmark interest rate, …