There was no transaction recorded for interbank call in October 2020, while the average for November and December were 1.75 percent and 1.25 percent, respectively. Daily interbank call and OBB rate ranged from 1.00 percent to 1.75 percent and 0.37 percent to 8.42 percent, respectively. The CBN’s economic report for fourth quarter 2020, showed that key interest rates, prime and maximum lending rates, declined at the end of December 2020, following ample liquidity levels in banks. “Consequently, all deposit money banks are hereby informed that effective September 1, 2020, interest on local currency savings deposits shall be negotiable subject to a minimum of 10 percent per annum of monetary policy rate.” The letter read, “In line with the recent market developments, the bank has reviewed the minimum interest payable on savings deposits as provided in its guide to charges by banks, other financial and non-bank financial institutions issued in December 2019. The CBN’s Augletter signed by Bello Hassan, director of banking supervision, noted with satisfaction the recent declining trend in market rates in the banking sector following the implementation of policies aimed at stimulating credit flow to the real sector.
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