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Full List: CBN publishes interest rates on savings accounts of Access, UBA, GTB and other customers

Posted on by darion

  • 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 central bank’s commitment to transparency to guide the bank’s customers
  • The savings rate is the interest rate Nigerian banks pay their customers to save money and varies from bank to bank.

Legit.ng Journalist Dave Ibemere has over a decade of experience in business journalism and an in-depth knowledge of the Nigerian economy, stock market and overall market trends.

Deposit Money Banks (DMBs) have raised their deposit interest rates to reflect the latest monetary policy rate announced by the Central Bank of Nigeria.

Savings Rate in Nigeria
Savings Rate of Nigerian Banks Photo Source: Bloomberg / Contributor
Source: Getty Images

Legit.ng The CBN announced that the Monetary Policy Rate (MPR) has increased in May 2024 from 22.75% in February 2024 to 24.75%.

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The audits found that as of June 28, 2024, 18 Nigerian banks were offering their customers interest on deposits of at least 7.88%.

This amount is higher than the average interest rate of 5.55% offered in June 2023.

Here is a list of interest rates for loans granted by banks

Bank name Savings rate
Access to the Bank 7.88%
Citibank 7.88%
Coronation Bank 21.34%
Ecobank 7.86%
FCMB 1.15%
Fidelity Bank 7.43%
First Bank of Nigeria 7.88%
Bank Globus Sp. z o. o. 1.40%
Guaranty Trust Bank 7.88%
Keystone Bank Ltd 7.88%
Bank Optimus 7.88%
Polaris Bank 7.88%
Premium Trust 7.88%
Providus Bank 7.88%
Signature Bank 6.63%
Stanbic IBTC 2.63%
Standard 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%

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Nigerian banks adjust interest rate on loan

Before, Legit.ng reported that after the CBN raised the benchmark interest rate, banks changed the prices of their assets, meaning customers will have to pay more to borrow money.

As a result, the costs of loans, mortgages and other credit products have increased.

Recall that on February 27, 2024, the CBN raised the Monetary Policy Rate (MPR) from 18.75% in July 2023 to 22.75%, an increase of 400 basis points.

Source: Legit.ng