CBN pegs interest payments on bank deposits at N2bn – Daily Trust

CBN pegs interest payments on bank deposits at N2bn

The Central Bank of Nigeria (CBN) has said deposit money banks will no longer receive interest payments on deposits exceeding N2 billion. The CBN in a circular released yesterday said: “Any deposit by a bank in excess of 2 billion naira shall not be remunerated.”ADVERTISEMENT The central bank will pay interest to lenders on qualified …

The CBN in a circular released yesterday said: “Any deposit by a bank in excess of 2 billion naira shall not be remunerated.”

that the decision is meant to encourage the banks to lend more money to the real sector.

“It may also reduce the cost of managing system liquidity for the CBN as the apex bank will now have access to more funds from the banking system at no cost than before.’’

Read more: Daily Trust

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