Get Latest Tori News Alert!
Enter your email below.

Delivered by FeedBurner





Hot Stories
Recent Stories

CBN Slashes Minimum Interest Rates On Savings Deposit To 1.25%

Posted by Amarachi on Tue 01st Sep, 2020 - tori.ng

Analysts say the move will allow smaller banks to grow faster and also make it easier for banks to cut lending rates to borrowers.

Godwin

Godwin Emefiele

In a bid to stimulate the economy, the Central Bank of Nigeria (CBN) has slashed the interest rate payable on monies deposited in savings accounts from the previous benchmark of around 3.75 per annum to around 1.25% per annum

According to a circular issued to all banks, the rate cut is effective from today September 1, 2020.

Analysts say the move will allow smaller banks to grow faster and also make it easier for banks to cut lending rates to borrowers.



Top Stories
Popular Stories


Stories from this Category
Recent Stories