CBN Releases Updated Savings Deposit Rates Across Nigerian Banks Following MPC Decision to Hold Key Policy Parameters at 27.50%

The Central Bank of Nigeria (CBN) has officially released the latest savings deposit rates for Deposit Money Banks (DMBs) and Merchant Banks, following policy decisions reached at the Monetary Policy Committee (MPC) meeting held on July 21 and 22, 2025. The new figures reflect the market adjustments stemming from the CBN’s effort to balance inflationary pressures while sustaining economic stability.

On Tuesday, September 18, 2025, the MPC resolved to maintain its current monetary stance without altering major benchmarks. According to the committee’s communiqué:

“Retain the Monetary Policy Rate (MPR) at 27.50 per cent., Maintain the asymmetric corridor around the MPR at +500/-100 basis points, Retain the Cash Reserve Ratio (CRR) for Deposit Money Banks at 50.00% and for Merchant Banks at 16.00 per cent. Keep the Liquidity Ratio unchanged at 30.00 per cent. This decision was premised on the need to sustain the momentum of disinflation and sufficiently contain price pressures. Maintaining the current policy stance will continue to address the existing and emerging inflationary pressure.

“The MPC will continue to undertake rigorous assessment of economic conditions, price development and outlook to inform future policy decisions.”

Breakdown of New Savings Deposit Rates Across Nigerian Banks:

The CBN’s published rates highlight slight variations among the banks, with most deposit money banks aligning closely at competitive figures. Below is the breakdown:

Access Bank: 8.25%

Alpha Morgan Bank: 8.25%

Citi Bank: 8.25%

First City Monument Bank (FCMB): 4.25%

Fidelity Bank: 8.25%

First Bank of Nigeria: 8.25%

FSDH Merchant Bank: –

Globus Bank Ltd: 8.18%

Guaranty Trust Bank (GTBank): 8.00%

Keystone Bank Ltd: 8.25%

Nova Bank: 8.00%

Optimus Bank: 8.25%

Parallex Bank: 8.25%

Premium Trust Bank: 8.25%

Providus Bank: 8.25%

Signature Bank: 8.25%

Stanbic IBTC: 2.75%

Standard Chartered Bank: 8.25%

Sterling Bank: 8.25%

Suntrust Bank: 8.30%

Tatum Bank: 8.25%

United Bank for Africa (UBA): 8.25%

Union Bank: 8.25%

Unity Bank: 8.25%

Wema Bank: 8.25%

Zenith Bank: 8.25%

Significance of Deposit Rates in the Financial Ecosystem:

Customer deposits remain one of the most competitive assets within Nigeria’s banking industry. These deposits not only provide the liquidity needed for banks to issue loans but also serve as a foundation for funding diverse investment activities. By setting savings deposit rates in line with monetary policy directions, the CBN continues to guide the flow of funds in the economy, striking a balance between curbing inflation and supporting credit growth.

The MPC’s decision to maintain policy parameters at their current levels underscores the central bank’s cautious stance amid global economic uncertainties, domestic inflationary pressures, and the need to safeguard financial stability.