Lagos - Savings deposit account would henceforth attract interest rate not lower than 30 percent of the Monetary Policy Rate (MPR) according to the Central Bank of Nigeria.
This is part of the fallout of the revised guidelines for bank charges which becomes effective from January 2014, reports The Nation.
Dr. Kingsley Moghalu, CBN’s Deputy Governor, Financial System Stability, said the revised bank charges is to reflect current developments in the market, noting that the rate has been kept at 12 percent since October 2012.
He said the move is part of the ongoing efforts to improve the savings culture among the people.
Read more at The Nation