• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy

Bank customers to earn more as CBN increases interest on savings deposits to 4.65%

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
September 28, 2022
in Economy, Financial Services
CBN, Naira ,DMBs

Image credit: Nairametics file

Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria (CBN) has directed banks to pay at least 4.65% interest on savings deposit accounts, up from 4.2% earlier.

This is due to a 150 basis point increase in monetary policy rates to 15.5% from 14%. This hawkish decision by the central bank resulted in an increase in the interest rate on savings deposits, which has the potential to mob up the money in circulation.

Mr. Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), announced the MPR modification at Tuesday’s monetary policy committee meeting.

RelatedStories

FCT High Court, Benjamin Joseph, zinox

Appeal Court reverses N579bn Stamp Duty payment to Kasmal Services in CBN’s favor 

July 16, 2025
Naira , dollar, exchange rate

Naira depreciates to N1,555/$1 ahead of 301st MPC meeting 

July 16, 2025

Context: The Monetary Policy Rate (MPR) is the rate at which the CBN lends money to banks. It is a benchmark rate for lending in the financial services sector. Savings deposit rates are default rates banks pay customers for keeping their money in the banks. Previously, the MPR was pegged at 14% by the CBN and 30% of that is 4.2%. Currently, the MPR is at 15.5% and 30% of that is now 4.65%.

What you should know 

  • The Central Bank of Nigeria recently increased the negotiable minimum interest rate on local currency savings deposits from 10% to 30%, which took effect on August 1, 2022.
  • An increase in the interest rate on a savings deposit is typically expected to increase savings and serve as a form of contractionary monetary policy. However, because inflation has surpassed all of these rates and any money saved loses purchasing power over time.
  • Nigeria’s inflation rate surged further to 20.52% in the month of August 2022, from 19.64% recorded in the previous month, representing the highest rate since September 2005.
  • If the rate of inflation surpasses the rate of interest generated on savings, the investor loses money. Inflation is likely to erode a consumer’s purchasing power over time. Fortunately, there are ways to keep your savings purchasing power intact. That implies investing while keeping your risk level low.
  • Nairametrics published an article on How to Make Money from the CBN’s 15.5% rate hike, with the belief that there are money-making opportunities available in Nigeria today amid tough economic conditions.

Follow us for Breaking News and Market Intelligence.
Tags: CBNCentral Bank of NigeriaGodwin EmefieleSavings deposits
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

Related Posts

FCT High Court, Benjamin Joseph, zinox
Breaking News

Appeal Court reverses N579bn Stamp Duty payment to Kasmal Services in CBN’s favor 

July 16, 2025
Naira , dollar, exchange rate
Currencies

Naira depreciates to N1,555/$1 ahead of 301st MPC meeting 

July 16, 2025
Currencies

Analysts predict naira won’t drop beyond N1,600 in H2 2025, cite reasons 

July 16, 2025
CBN, MPC
Financial Services

CBN opens application for Knowledge Acceleration Programme to shape future research priorities 

July 13, 2025
Naira , dollar, exchange rate
Currencies

Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining 

July 12, 2025
CBN, forex
Financial Services

Financial fraud in Nigeria surges by 45%, 70% of losses linked to digital platforms – CBN 

July 10, 2025
Next Post
Spacefinish partners with a global company to help African businesses adapt to hybrid work

Spacefinish partners with a global company to help African businesses adapt to hybrid work

Comments 2

  1. Ologun ogidan says:
    September 29, 2022 at 3:25 am

    Banks are not sincere in the implementation. Some banks did not start the implementation as directed in August. I can mention names. Secondly, the rate specified by the CBN is supposed to be the minimum such that the rate structure must be graduated. However, most banks that implemented paid all savers 4 2 percent. Any attempt to borrow this same funds from.the.bank.is at over 30 percent
    Thirdly, the new minimum savings rate does not cover fixed deposit accounts. We still see banks paying below 4 2, percent on the excuse that they were not covered in the Circular. We always find ways to cheat and cut corners.
    Fourthly, I know of one bank that paid and withdrew such interest income from the accounts of the savers but returned it after because it wanted to watch reactions and what other banks are doing

    Reply
  2. Abolore Makinde says:
    September 29, 2022 at 6:54 am

    Thanks Mr Ologun for the comment. A lot of abracadabra goes on in the banks all in a bid to deny customers their interest incomes. Why must it pain banks to pay N175,000 on N50m when it will take in over N5m from the same principal sum from trading.
    Banks drop interest income on day 27 after the complete 30 days spreading to the preceding month. In essence, books have been closed. Customers should be careful and not fall for such bait by withdrawing from the banks. It is deception grade A and breach of trust. The banks will ultimately withdraw that interest and possibly wipe the account of customers. Thereby punishing the customers needlessly. Banks should drop the interest on the last day of the month. These actions are happening. Customers are being punished. In the fullness of time, names would be mentioned. Customers should not be fooled, no.banks is your friend. It is all in the interest of trading on your deposits and cheating you. So shine your eyes. Grow alternative and more profitable investment schemes aside sterilizing your funds in a savings account.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

first bank








DUNS

Recent News

  • President Tinubu approves South-East Investment Company with N150 billion capital base 
  • Lagos State to establish 5 new technical colleges across state to boost vocational education 
  • FCMB backs TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd Flagship Project (Louisville Phase 1) with $40m loan facility in Eko Atlantic 

Follow us on social media:

Recent News

Under Tinubu, a blueprint for Nigeria’s consumer credit economy is quietly unfolding 

President Tinubu approves South-East Investment Company with N150 billion capital base 

July 18, 2025
Lagos State to establish 5 new technical colleges across state to boost vocational education 

Lagos State to establish 5 new technical colleges across state to boost vocational education 

July 18, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics