Banks raise savings rate as deposits drop

Nigerian banks are now increasing their deposit rates to an average of 1.3 percent as demand deposits drop by 1 percent, a month after the Central Bank of Nigeria (CBN) raised its benchmark interest rate. The CBN had in May 2022 raised its Monetary Policy Rate (MPR) by 150 basis points to 13 percent. Last […]

read more Banks raise savings rate as deposits drop

Generated by Feedzy