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    Net Savers Earn Little as Prime Borrowers Remain Most Favoured within Nigeria’s Banking sector

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    Godwin Okaforhttps://naija247news.com
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    Meanwhile, despite the aggressive rise in inflation rate, net savers earned little as average savings deposit rate remained less than 2% while 3- and 12-month deposit rates fell to 3.03% and 4.94% (from 3.13% and 5.36% in February) respectively.

    In contrast, prime borrowers continued to benefit from a sustained decline in interest rates as average prime lending rate fell for the fourth straight month to 11.13% (from 11.21% in February).

    The banks were however compensated by an increase in maximum lending rates to 28.74% (from 28.54%).

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