Nigerian Banks Adjust Savings Rates as CBN Cuts MPR to 27% - Economic Impact Explained

Access Bank, Zenith, and UBA have announced new savings interest rates following the Central Bank of Nigeria's (CBN) decision to cut the Monetary Policy Rate (MPR) to 27%. This marks the first time in half a decade that the CBN has reduced the MPR, signaling a cautious shift in policy.

Commercial banks like Union Bank have already adjusted their interest rates in line with the new MPR, with others like UBA and Zenith Bank expected to follow suit. The CBN mandates that banks pay a minimum interest rate on savings deposits of at least 10% of the MPR.

This move aims to support economic recovery while keeping inflation in check.