I was at the bank this morning to monitor one of my fixed deposit accounts and also to open another one when a news came to the bank via their mailing portal that CBN as changed the fixed deposit rate for all deposit holder.
The interest rate for deposit between 100k to 50 million is now 2.5% for 30 days and 2% for 60 days and above. For deposit from 50 million and above is 3% as against the 10% ihave been dealing with the bank.
I don’t know if this is the same for other banks but i think it is bad news for Fixed Deposit holder.
Please i will want our financial analyst here on nairaland to explain the implications of this decision on the economy.
I left the bank feeling very bad.
