CBN Reduces Savings Account Interest Rate To 1.25%     The Central Bank has ordered all Deposit Money Banks to review interest rates on savings accounts to a minimum of 10 per cent of the Monetary Policy Rate effective from September 1, 2020. This would amount to 1.25...

The Central Bank of Nigeria has released four new guidelines for the banking industry, top of which was an approval for bank customers to make cheque deposits into their savings accounts. Prior to this development, bank customers could only make cheque deposits into their current accounts. The...