Deposit Money banks (DMBs) have increased their interest rates on deposits to reflect the latest Monetary Policy Rate announced by the Central Bank of Nigeria.

Legit.ng reported that the CBN raised the Monetary Policy Rate (MPR) to 24.75% in May 2024 from 22.75% in February 2024.

Checks showed that 18 Nigerian banks now offer their customers at least 7.88% interest on their deposits as of June 28, 2024.

This is higher than the 5.55% average interest offered as at June 2023.

Here is a breakdown of banks' lending rates

Access Bank - 7.88%

Citi Bank - 7.88%

Coronation Bank - 21.34%

Ecobank - 7.86%

FCMB - 1.15%

Fidelity Bank - 7.43%

First Bank of Nigeria - 7.88%

Globus Bank Ltd - 1.40%

Guaranty Trust Bank - 7.88%

Keystone Bank Ltd - 7.88%

Optimus Bank - 7.88%

Polaris Bank - 7.88%

Premium Trust - 7.88%

Providus Bank - 7.88%

Signature Bank - 6.63%

Stanbic IBTC - 2.63%

Standard Chartered Bank - 7.88%

Sterling Bank - 7.88%

Wema Bank - 7.88%

Titan Trust Bank - 7.88%

Union Bank - 7.88%

Zenith Bank - 7.88%