By Munachimso Obienyi
Following the increase in Monetary Policy Rate (MPR) to 15.5 percent, interest on deposits with banks increased to 4.08 percent in September 2022, becoming one of the highest since January 1, 2017, the Central Bank of Nigeria (CBN) money market indicators has revealed.
Interest on savings deposit was at 2.93 per cent in August 2022 when the MPR was at 14 percent, it went up 4.08 percent in September, boosting the fortune of savings account holders with deposit money banks (DMBs).
According to the Money Market indicators of the CBN, the interest on saving deposits commenced January 2022 at 1.25 percent and has witnessed a steady increase amid the increase in MPR.
Analysts believe the increase in saving deposit was meant to encourage banks’ depositors to save more and generate more money amid hike in inflation.
