CBN also said that commercial and merchant banks would earn a 19 percent interest rate
on deposits above N3 billion in its Standing Deposit Facility.
The apex bank disclosed this in a circular signed by its Director Financial Market
Department, Dr. Omolara Duke.
Explaining the reason behind the SLF rate, the apex bank said that the direction was based
on the decision of the Monetary Policy Committee adjusting the upper corridor of the
standing facilities to 5.00 per cent from 1.00 per cent around the Monetary Policy Rate,
MPR, at its 296th meeting.
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