Banks raise deposit requirement

All commercial banks operating in the country have raised their minimum deposit requirement within the past six months even as the economy continues to ?stay on course?.

Some commercial banks are demanding between ?500,000 and ?2m before opening new accounts for customers. Minimum balance in accounts have not been spared either.

Not even students have been spared; out of their loan of ?1m per semester, students of tertiary institutions are expected to leave a minimum balance of ?500,000 in their accounts.

In effect, the loan to students, though allegedly increased to ?2m, effectively remains at ?1.5m per year.