March 18, (THEWILL) — Deposit money banks have begun adjusting savings rates following the recent Monetary Policy Rate cut by the Central Bank of Nigeria (CBN), with the benchmark savings deposit rate now at 7.95 percent per annum, representing 30 percent of the prevailing 26.5 percent MPR.
Chief Economist at United Capital Plc, Ayodele Akinwunmi, said the rate reflects the regulatory floor tied to the policy benchmark.
However, banks clarified in customer notices that the 7.95 percent rate applies only when no more than four withdrawals are made monthly, as exceeding this limit disqualifies the account from earning interest.
Data from the CBN as of February 27, 2026, shows that 14 lenders, including Access Bank, Citibank, Fidelity Bank, Guaranty Trust Bank, Keystone Bank, Polaris Bank, Sterling Bank, Unity Bank and Wema Bank, have aligned with the benchmark rate.
A second tier of 10 banks is offering slightly higher returns, ranging between 8.00 percent and 8.25 percent, with First Bank quoting the highest rate at 8.25 percent, reflecting competitive deposit mobilisation strategies.
However, divergence persists across the industry, as Ecobank, First City Monument Bank and Stanbic IBTC Bank offer 5.90 percent, 4.25 percent and 2.70 percent respectively, below the regulatory threshold.
Analysts say the mixed pricing trend highlights varying liquidity positions and cost strategies, as banks adjust to monetary easing and shifting market conditions.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
