See how much each bank will pay customers for saving in their bank account

• Nigerian banks, including Access Bank, UBA, FCMB and other commercial banks, have adjusted their savings rate
• The new data published by CBN showed that the interest rates have increased from 8.03% to as high as 6.63%
• The new savings deposit rate will allow customers to earn more from the money in their accounts

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria has released updated saving deposit interest rates for various Deposit Money banks (DMBs).

According to CBN, banks now offer an average savings deposit rate of 8.03% compared to the previous average rate of 7.88%.

Bank customers get higher interest rates on savings account Photo credit: Benson Ibeabuchi
Source: Getty Images

A savings rate is the interest rate Nigerian banks pay their customers to save money, which varies between banks.

Ecobank, one of the leading commercial banks in Nigeria, announced in a message to customers the increase, stating:

"Your savings just got a boost! Enjoy a new interest rate of 8.175% p.a. on all Ecobank savings accounts. "Whether you're saving for future goals or just building a financial cushion, Ecobank is here to help your money grow faster."

Breakdown of banks' lending rates

Here is a breakdown of the average interest rate published by CBN.

• Access Bank: 8.03%
• Citibank: 7.88%
• Ecobank: 8.03%
• FCMB: 1.15%
• Fidelity Bank: 8.03%
• First Bank: 8.03%
• Globus Bank: 1.40%
• GTB: 5.55%
• Keystone Bank: 8.03%
• Optimus: 6.83%
• Polaris: 8.03%
• Premium Trust: 8.03%
• Providus Bank: 8.03%
• Signature Bank: 6.63%
• Stanbic IBTC: 2.68%
• Standard Chartered Bank: 8.03%
• Sterling Bank: 8.03%
• SunTrust: 8.00%
• Titan Trust Bank: 8.03%
• UBA: 8.03%
• Union Bank: 8.03%
• Unity Bank: 8.03%
• Wema Bank: 8.03%
• Zenith Bank: 8.03%

Nigerian bank apologises to customers

Earlier, Legit.ng reported that Unity Bank had resolved the network issues that had affected its customers.

The Africa Association of Professional Freight Forwarders and Logistics of Nigeria released a public statement on the network issues.

The bank has apologised for the inconvenience and announced that regular services have been restored.

To further address the challenge, the bank has decided to open during weekends to alleviate customers' difficulties and provide additional support.

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Source: Legit.ng