In a bid to stimulate the economy, the Central Bank of Nigeria (CBN) has slashed the interest rate payable on monies deposited in savings accounts from the previous benchmark of around 3.75 per annum to around 1.25% per annum
According to a circular issued to all banks, the rate cut is effective from today September 1, 2020.
Analysts say the move will allow smaller banks to grow faster and also make it easier for banks to cut lending rates to borrowers.