- Nigerian depositors are expecting their banks to increase interest on savings to cushion the effect of a hike in interest rates by CBN
- CBN raised benchmark interest rates by 50 basis points on Wednesday, May 24, 2023, to stand at 18.5%
- The bank said the move is to fight increasing inflation in the country and protect depositors’ funds
Following the Central Bank of Nigeria (CBN) interest rate hike on Wednesday, May 24, 2023, bank depositors are waiting for commercial banks to increase interest on savings accounts.
The move is necessary to cushion the erosion of savings caused by increasing inflation in the country.
