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Money Market Indicators (In Percentage)
  - 2007
Month October November December
Inter-Bank Call Rate 7.21 8.56 8.99
Minimum Rediscount Rate (MRR)
Monetary Policy Rate (MPR) 9.00 9.00 9.50
Treasury Bill Rate 6.23 6.67 7.75
Savings Deposit Rate 3.39 3.15 3.19
1 Month Deposit Rate 9.77 9.90 10.18
3 Months Deposit Rate 9.97 9.88 10.29
6 Months Deposit Rate 9.51 9.43 9.53
12 Months Deposit Rate 7.68 7.65 7.92
Prime Lending rate 16.50 16.50 16.46
Maximum Lending Rate 18.21 18.29 18.21
       

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Note: The Bank replaced MRR with MPR on December 11, 2006

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Facts : 2/1/1933
Indigenous Banking in Nigeria:The story of indegenous banking in Nigeria began with the establishment of the National Bank of Nigeria Limited in February 1933. This was followed by the Agbonmagbe Bank Limited in 1945, now Wema Bank. Afterwards, the African Development Bank Limited, now known as African Continental Bank Plc., was constited in 1948.
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