has raised the minimum interest rate on Naira savings deposits from 0.15 percent to 4.2 per cent.The bank in a circular dated August 15, 2022, and signed by Haruna Mustafa, director of the banking supervision department, said the rate has been revised from 10 per cent to 30 per cent of the Monetary Policy Rate .
"It will be recalled that as part of the efforts to ameliorate the impact of the COVID-19 pandemic, the Central Bank of Nigeria reduced the minimum interest rates payable on local currency savings deposits from 30% to 10% of the Monetary Policy Rate . This was aimed at stimulating growth in the larger economy following the economic-slowdown occasioned by the pandemic," the CBN said.
"Accordingly, effective August 1, 2022, the negotiable minimum interest rate on local currency savings deposits shall be 30% of MPR. This supersedes our letter dated BSD/DIR/GEN/LAB/13/052 on the subject. September 1, 2020."