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MPR cut means interest on savings deposit shrinks to 1.15% per annum

…8% decline from initial 1.25%

The Monetary Policy Rate (MPR) cut by the Central Bank of Nigeria (CBN) on Tuesday from 12.5 percent to 11.5 percent does not hold good news for bank depositors as it slashes the minimum interest rate lenders pay on savings deposits to 1.15 percent. This is an 8 percent decline from the initial annual interest…

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