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Credit To Economy Rises By 33%
According to data in the Central Bank of Nigeria Money and Credit Statistics for October 2022, Banks’ credit to the economy rose year-on-year (YoY) by 33 per cent to N63.47 trillion. This is an increase from N47.5 trillion same period last year. CBN said that the government recorded the highest YoY growth (75 percent) in…
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Banks’ Consumer Loans Decline By 17%
Following a decline in money supply triggered by the inflation-fighting measures of the Central Bank of Nigeria, banks reduced consumer loans by 17 per cent (N400 billion), in one month. This is the first time that consumer loans would drop in three years. Consumer loans are loans by banks to one or more individuals for…
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Credit To The Economy Rises To 34%
Data from the Central Bank of Nigeria has shown that banks’ credit to the economy rose year-on-year (YoY) by 34 percent to N63.3 trillion in the third quarter, 2022. This is an increase from N46.9 trillion in the corresponding period of 2021. The CBN’s Money and Credit Statistics shows that the total credit comprises government…
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Banks’ Credit To Economy Up By 2.2%
Findings from the Money and Credit data of the Central Bank of Nigeria has shown that commercial banks’ credit to the economy rose by 2.17 percent to N61.2 trillion in August from N59.9 trillion in July, even as currency-in-circulation. This increased by 0.9 percent to N3.24 trillion in August, from N3.21 trillion in July 2022. …
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Banking Sector Credit To Govt Rises By 35% In H1’22
According to the Money and Credit Statistics for June 2022 released by the Central Bank of Nigeria, the banking sector credit to the government rose by 35 percent in the first half of 2022 (H1 ’22). CBN said that credit to the government rose to N17.9 trillion at the end of June 2022 from N13.3…
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Bank Loans To Govt Rise To N16.32tn
Figures obtained from the Central Bank of Nigeria have shown that the total net credit by the Nigerian banking sector to the government rose by N2.2 trillion in the first quarter. The CBN’s data on ‘Money and credit statistics’ have shown the net credit to the government rose from N14.12tn as of the end of…
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Bank Credit To Private Sector Rises In December
Credit to the private sector reached its highest level in December 2021, reaching ₦35.73 trillion from ₦30.15 trillion recorded as of December 2020. This represents a ₦5.58 trillion increase in one year. The development is attributed to a combination of the Central Bank’s policies, innovation in technology and the surge in the number of FinTechs…
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In Seven Months, Cash-strapped Banks Borrow N9.17tn
Figures obtained from the banking sector regulator has shown that Deposit Money Banks and merchant banks have borrowed the sum of N9.17tn from the Central Bank of Nigeria. The banks borrowed this through its Standing Lending Facility window within a period of seven months. Banks often access the CBN’s SLF window to borrow funds, subject…
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Bank Loans To Government Rise By 22.59%
According to the Central Bank of Nigeria report titled, ‘Deposit Money Bank’s sectoral allocation of credit’, bank loans to the government have risen by 22.59 percent, hitting N2.17tn as of the end of September 2021. This is a N400bn increase within the nine-month period from N1.77tn recorded in December 2020. According to the figures, bank…
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Banks’ Credit Rises 33% To N35trn
Banks’ credit to the private sector of the economy rose by 33.7 percent to N35.3 trillion in November 2021 Year-on-Year. This is an increase from N26.4 trillion in the corresponding period of 2020. Data from the Central Bank of Nigeria show that net domestic credit also rose YoY by 36 percent to N48.3 trillion in…