CBN slashes interest rate on Savings accounts to 1.25%

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The Central Bank of Nigeria (CBN) has slashed the interest rate payable on monies deposited in savings accounts from the previous benchmark of about 3.75 per annum to around 1.25% per annum

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

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


  1. Who are the slashing it for? At the detriment of who? The customers who save in these banks
    Formerly when some one saves in a bank, the person makes some reasonable amount of money on top of it, at a time it started going to almost nothing.. no interest again and now the CBN is slashing it more, this means it will be almost zero now
    The customers are being charged so much by banks in so many ways and now the little or no interest they gather from their savings have been slashed
    Na waoh!!!

  2. Whether you slash or increase the interest rate on savings… The deposit bank are the ones stealing the monies with different numerous charges….

  3. It’s a welcome development and we really appreciate the effort of CBN for taking this giant step. I implore them to do more on the issue of our economy.

  4. When you slash the interest rate of saving, why don’t you slash the interest rate of lending because the interest rate that those banking are taking is too much, CBN should come to the assistant of the masses so that small medium scale businesses will strive in this country.

  5. Thanks for letting us know that there is now a slash interest on savings account, its a welcome development. But u want to know something here. Why didn’t you people do it since or is it the banks that gas been collecting it? Just wanna know please

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