CBN Releases Updated List of Banks Paying Customers the Highest Savings Interest Rates

• The Central Bank of Nigeria (CBN) has published the latest savings deposit rates for Deposit Money Banks and Merchant Banks, reflecting the current Monetary Policy Rate (MPR) of 27.50% amid efforts to support economic recovery and sustain declining inflation.

The Central Bank of Nigeria (CBN) has released the latest savings deposit rates for Deposit Money Banks (DMBs) and Merchant Banks, aligning with the prevailing Monetary Policy Rate (MPR) of 27.50%.

At its most recent Monetary Policy Committee (MPC) meeting held in September 2025, the 12-member committee resolved to reduce the MPR, citing improved inflation data and a gradual return to price stability.

In its official communiqué, the CBN stated:

“The Committee’s decision to lower the monetary policy rate was predicated on the sustained disinflation recorded in the past five months, projections of declining inflation for the rest of 2025, and the need to support economic recovery efforts.”

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Updated Savings Deposit Rates

According to data published by the CBN as of October 31, 2025, the average savings deposit rate across Nigeria’s banking sector now stands at 8.25%, up from 7.88% in the previous reporting period.

Most Tier-1 banks, including Access Bank, Zenith Bank, and United Bank for Africa (UBA), maintained rates between 8.10% and 8.25%, while Stanbic IBTC offered the lowest rate at 2.75%.

Below are the latest CBN-published savings rates for Deposit Money Banks and Merchant Banks:

(Some Merchant Banks, including Coronation, FBN Quest, FSDH, Greenwich, and Rand Merchant Bank, did not publish current rates.)

The MPR — a key benchmark interest rate used by the CBN to influence lending and borrowing — directly affects deposit and loan rates in Nigeria’s banking system. A reduction in the rate is expected to stimulate investment, encourage credit expansion, and support economic recovery amid Nigeria’s ongoing efforts to sustain disinflation trends.