Why Banks Announces New Interest On Savings Account

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CBN

Following the Central Bank of Nigeria (CBN) hike on Monetary Policy Rate (MPR), most of the Nigerian banks has announced new interest rate on savings account.

 

Access Bank has announced its intention of collecting new interest rate on savings account via email to its customers followed by other banks like Zenith bank, FCMB, First bank and Fidelity bank.

 

CBN

It was gathered that CBN during its MPR meeting announced the new hike on interest rate in the interest rate of 18% to tackle the rising inflation and improve the standard of living in the country which prompted banks interest rate hike on savings account also to tarry with the CBN Monetary Policy.

 

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