Access bank announces revised interest rates on savings accounts

May 31, 2023

Following the recent changes in Monetary Policy Rate, MPR, by the Central Bank of Nigeria, CBN, Access Bank Plc has announced its revised interest rates on savings accounts, which it says takes effect immediately.

The bank stated this in a email message to its customers on Wednesday.

Politicaleconomistng reports that the CBN in its May 24, 2023 MPC meeting said it resolved by a unanimous vote to raise the Monetary
Policy Rate (MPR), moderately.

According to the Apex bank, 10 members voted to raise MPR by 50 basis points and 1 member voted to raise the MPR by 25 basis points, while all members voted to keep all other parameters constant.

In summary it stated that the MPC voted to: *Raise the MPR to 18.5 per cent from 18.0 per cent

*Retain the Asymmetric Corridor of +100/-700 basis points
around the MPR

*Retain the CRR at 32.5 per cent

*Retain the Liquidity Ratio at 30 per cent.