The real value of that ₦100,000 sitting in your bank account

Many people keep money in their Nigerian bank accounts hoping it will grow. For decades, traditional banks have promised just that, paying customers a small return when they leave their money in a savings account for a while.

These interest rates are determined by the Central Bank of Nigeria (CBN) and have stayed relatively steady over the past year, averaging around 8% for savings deposits. In practice, that means a ₦100,000 deposit earns roughly ₦8,000 in a year.

Fixed or time deposits, which lock funds for a few months, pay a little more at about 17% on average. Either way, inflation, which eased to 18.02% in September, continues to outpace those returns.

To help users see the real picture, TechCabal built a calculator, using available banks’ interest rates as published by the CBN, to show how much interest your money earns across several Nigerian banks.

Try it out and see what your savings deposit might be worth after a one year period:

Enter your deposit amount

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Enter an amount above to see your 1-year total balance.

Your will become…

Bank Name	Rate (Avg.)	Savings Total (1-Yr)	Fixed Deposit Rate (p.a.)	Fixed Total (1-Yr)

Disclaimer: Fixed deposits lock your money away for a fixed period (minimum of 30 days) for a higher, fixed interest rate, while flexible savings accounts offer flexibility to deposit and withdraw funds at any time.

*All calculations are estimations based on average annual interest rates (p.a.) from the CBN report for Sept 26, 2025. The “Rate (Avg.)” is an average and may not reflect specific savings account types. Totals shown are Principal + Interest. Rates are indicative and subject to change. Calculations do not include bank fees or withholding tax (WHT).