- The Central Bank of Nigeria (CBN) has released the latest savings interest rates for Nigerian banks
- The data, published on the CBN website, is part of the apex bank’s commitment to transparency to guide bank customers
- A savings rate is the interest rate Nigerian banks pay their customers for saving money, and it varies between banks
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Deposit Money banks (DMBs) have increased their interest rates on deposits to reflect the latest Monetary Policy Rate announced by the Central Bank of Nigeria.
Photo credit: Bloomberg / Contributor
Source: Getty Images
Legit.ng reported that the CBN raised the Monetary Policy Rate (MPR) to 24.75% in May 2024 from 22.75% in February 2024.
Checks showed that 18 Nigerian banks now offer their customers at least 7.88% interest on their deposits as of June 28, 2024.
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This is higher than the 5.55% average interest offered as at June 2023.
Here is a breakdown of banks’ lending rates
| Name of bank | savings rate |
| Access Bank | 7.88% |
| Citi Bank | 7.88% |
| Coronation Bank | 21.34% |
| Ecobank | 7.86% |
| FCMB | 1.15% |
| Fidelity Bank | 7.43% |
| First Bank of Nigeria | 7.88% |
| Globus Bank Ltd | 1.40% |
| Guaranty Trust Bank | 7.88% |
| Keystone Bank Ltd | 7.88% |
| Optimus Bank | 7.88% |
| Polaris Bank | 7.88% |
| Premium Trust | 7.88% |
| Providus Bank | 7.88% |
| Signature Bank | 6.63% |
| Stanbic IBTC | 2.63% |
| Standard Chartered Bank | 7.88% |
| Sterling Bank | 7.88% |
| Wema Bank | 7.88% |
| Titan Trust Bank | 7.88% |
| Titan Trust Bank | 7.88% |
| Titan Trust Bank | 7.88% |
| Union Bank | 7.88% |
| Unity Bank | 7.88% |
| Zenith Bank | 7.88% |
Nigerian banks adjust rate for loan
Earlier, Legit.ng reported that after the CBN raised the benchmark interest rate, banks repriced their assets, meaning customers would have to pay more for borrowing money.
As a result, the cost of loans, mortgages, and other credit products has increased.
Recall that the CBN raised the monetary policy rate (MPR) on February 27, 2024, from 18.75% in July 2023 to 22.75%, a 400 basis point rise.
Source: Legit.ng
