CBN Cuts Interest Rate On Savings Deposits To Stimulate Economic Growth

The Central Bank of Nigeria Monday cut interest rate payable on monies held in savings accounts to around 1.25% per annum from the previous benchmark of around 3.75 per annum. The rate cute is effective from September 1, 2020, according to a circular to all banks from the regulatorWith the development, analysts expect a mass exodus of funds idling in savings deposit accounts via IFTTT