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Here’s what CBN’s 1.25% interest on savings deposits means for banks, depositors, economy

Effective Tuesday, September 1, 2020 interest on local currency savings deposits will be negotiable subject to a minimum of 10 percent per annum of Monetary Policy Rate (MPR), according to the directive from the Central Bank of Nigeria (CBN)to commercial banks. This takes the savings interest rate from 3.9percent to 1.25 percent per annum or…

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