Analysts dissect CBN’s slash of interest rate on savings deposit

International Money Transfer Operators

Experts and financial analysts at FBNQuest have dissected the implications of the recent policy by the Central Bank of Nigerian to slash interest rate on savings deposit. The apex bank on Monday reviewed the the minimum interest rate on savings deposit to 10 per cent of monetary policy rate (MPR). The CBN in a circular to all banks directed that the minimum interest rate on savings deposit be reduced to a minimum of 10 per cent of MPR, or 1.25 per cent, from the previous minimum of 30 per cent…

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