Central Bank of Nigeria (CBN) has reviewed the rate on local currency savings deposit, so rates shall be negotiable subject to a minimum of 10% per annum of Monetary Policy Rate with effect September 1.

This was disclosed in a letter signed by the apex bank Director of Banking supervision, Bello Hassan.

According to the letter, interest rate on local currency saving deposits shall be negotiable subject to a minimum of 10 % per annum of Monetary Policy rate