Full List: CBN Releases Interest Rates on Customers' Savings Accounts for Access, UBA, GTB, Others

Full List: CBN Releases Interest Rates on Customers' Savings Accounts for Access, UBA, GTB, Others

  • 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.

Savings rate in Nigeria
Nigerian banks' savings rate 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.

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Checks showed that 18 Nigerian banks now offer their customers at least 7.88% interest on their deposits as of June 28, 2024.

This is higher than the 5.55% average interest offered as at June 2023.

Here is a breakdown of banks' lending rates

Name of banksavings rate
Access Bank7.88%
Citi Bank7.88%
Coronation Bank21.34%
Ecobank 7.86%
FCMB 1.15%
Fidelity Bank7.43%
First Bank of Nigeria 7.88%
Globus Bank Ltd1.40%
Guaranty Trust Bank7.88%
Keystone Bank Ltd7.88%
Optimus Bank7.88%
Polaris Bank7.88%
Premium Trust7.88%
Providus Bank 7.88%
Signature Bank6.63%
Stanbic IBTC2.63%
Standard Chartered Bank7.88%
Sterling Bank 7.88%
Wema Bank7.88%
Titan Trust Bank7.88%
Titan Trust Bank7.88%
Titan Trust Bank 7.88%
Union Bank7.88%
Unity Bank7.88%
Zenith Bank7.88%

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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

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.