Access Bank: A recent communication from Access Bank to its clientele details a revised interest rate on savings accounts. The bank stated that as a result of changes in MPR, all of its savings accounts will have a fixed interest rate of 5.55%.
This occurs as Nigerians expect the Central Bank of Nigeria (CBN) to raise interest rates by as high as 500 basis points.
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Customers of Access Bank, one of Nigeria’s most well-capitalized commercial banks, have received important information about significant adjustments to savings account interest rates.
The bank claimed that the variations were caused by modifications in the Central Bank of Nigeria’s (CBN) Monetary Policy Rates (MPR) in an email to clients that Legit. ng was able to view.
Every savings account has a fixed interest rate.
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This is what the message says:
The savings account interest rate has been updated.
Access Bank said that all of its savings accounts will have a fixed annual interest rate of 5.55%, although it did not specify the date on which the new rates will take effect.
Nigerians anticipate a CBN interest rate increase.
This event coincides with the CBN’s anticipated announcement of new interest rates this month, which many predict would be higher due to Nigeria’s skyrocketing inflation.
When the central bank auctions off a record N1 trillion worth of treasury bills on Wednesday, February 7, 2027, analysts predict that interest rates will climb.
They claim that this move indicates that the bank is moving toward tighter monetary policy and could result in an increase in interest rates for Nigeria at the upcoming Treasury Bills auction.
Reportedly, the CBN may raise interest rates by up to 500 basis points.
An increased volume of Treasury bills together with interest rates that are expected to be higher than usual will be offered at the auction.
The CBN auctioned N381.2 billion worth of treasury bills in January 2024, with maturities ranging from 91,182 to 264 days.
CBN halts Access, GTB, and other companies’ daily CRR debits.
According to Legit. ng, the Central Bank of Nigeria declared that it would no longer debit banks’ daily Cash Reserve Requirement (CRR).
The central bank said that it would implement a revised CRR framework that aims to support banks’ ability to plan, monitor, and align their records with the Central Bank of Nigeria.
On Friday, February 2, 2024, this was revealed in a letter written by the acting director of the banking supervisory department, Adetona Adedeji, and delivered to all banks.