Ecobank cuts Naira savings rates after CBN resets MPR at 23%
By Aboki Forex —
Ecobank Nigeria Limited has cut interest rates on its Naira savings products after the Central Bank of Nigeria adjusted the Monetary Policy Rate. The revised rates took effect on September 24, 2026.
The bank informed customers through an official notice. Four products were affected: the All Savings Account, Save-As-You-Spend, MyFirst Account and Target Savings Account.
New rates and withdrawal rules
The All Savings Account rate dropped from 7.95% to 6.90% per annum. Save-As-You-Spend, MyFirst Account and Target Savings Account all fell from 8.95% to 7.90% per annum.
Customers must observe withdrawal limits to qualify for the stated rates. All Savings Account, Save-As-You-Spend and MyFirst Account holders can make no more than four withdrawals per month. Target Savings Account holders are limited to one withdrawal per quarter.
Ecobank wrote: “Dear Valued Customer, we wish to inform you of a downward review of the interest rates on our Naira Savings Products, following the recent adjustment in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN).” The bank added: “We remain committed to providing you with competitive returns and excellent banking services.”
CBN’s policy reset
The rate cuts follow a decision by the CBN’s Monetary Policy Committee. The MPC reset the MPR at 23% during its meeting on September 21 and 22, 2026.
In Monetary Policy Communiqué No. 164, the CBN said the MPC also recalibrated the Standing Facilities Corridor to +50/-300 basis points around the MPR. The Cash Reserve Requirement (CRR) for Deposit Money Banks remained at 45%, Merchant Banks at 16% and non-TSA public sector deposits at 75%.
The CBN described the move as an operational realignment rather than a shift in policy direction. It said the change was “Aimed at strengthening monetary policy transmission and reinforcing the primacy of the monetary policy rate.”
The apex bank explained that the adjustment became necessary because the gap between the MPR and prevailing market rates had weakened the effectiveness of monetary policy transmission through the financial system. It clarified: “The recalibration of the corridor does not constitute a change in the current monetary policy stance, but rather an operational reset to enhance the effectiveness of monetary policy and support the transition to an inflation targeting framework.”
What it means for savers
As banks respond to the new monetary policy environment, Ecobank customers may see lower returns on their deposits under the revised savings rates.
Some Nigerian bank customers have been paying lending rates as high as 60%, while savings customers earned interest rates as low as 2.7%. The CBN has begun publishing lending rates across Deposit Money Banks to promote transparency and help businesses make informed borrowing decisions.
January data showed that businesses in sectors including manufacturing, mining and quarrying, public utilities, finance and insurance, and construction faced lending rates of up to 60% at some banks.