Access Bank Sends Message to Customers on Savings Account Changes as CBN is Set to Release New Rates

• Access Bank has announced a new interest rate on savings accounts in a new message to its customers
• The bank said all its savings accounts will carry a flat rate of 5.55% interest following changes in MPR
• The development comes as Nigerians anticipate an increase in interest rates by CBN by as much as 500 basis points

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

One of Nigeria's most capitalised commercial banks, Access Bank, has sent a crucial message to its customers on essential changes to interest rates on savings accounts.

In an email to customers seen by Legit.ng, the bank stated that the differences were due to changes in Monetary Policy Rates (MPR) by the Central Bank of Nigeria (CBN).

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All savings accounts carry flat rate

The message reads:

"Following the recent changes in MPR, the interest rate on savings accounts has been revised."

Access Bank said that all its savings accounts will carry a flat rate of 5.55% interest rate per annum but did not disclose when the new rates will become effective.

Nigerians expect hike on interest rates by CBN

The development comes as the CBN is expected to release new interest rates this month, which analysts have said will be higher following soaring inflation in Nigeria.

Analysts believe interest rates will rise as the apex bank sells a record N1 trillion treasury bill in auction on Wednesday, February 7, 2027.

They say the development suggests a potential rise in Nigeria's interest rates for the next treasury bills auction, showing the bank's shift towards tighter monetary policy.

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According to reports, CBN might increase interest rates by as much as 500 basis points.

The auction is anticipated to offer interest rates higher than usual alongside an increased volume of treasury bills.

In January 2024, CBN sold treasury bills totalling N381.2 billion across different maturities ranging from 91,182 to 264 days.

CBN stops daily CRR debits of Access, GTB, others

Legit.ng reported that the Central Bank of Nigeria announced that it would stop daily Cash Reserve Requirement (CRR) debits for banks.

The apex bank said it would adopt an updated CRR mechanism intended to facilitate banks' capacity for planning, monitoring and aligning with records with the CBN.

This was disclosed in a letter addressed to all banks and signed by Adetona Adedeji, the acting director of the banking supervision department, on Friday, February 2, 2024.

Source: Legit.ng