Banks increase credit to private sector by N18.324tn in two months

Nike Popoola

Nigerian banks’ credit to the private sector rose by N18.324tn to N80.863tn at the end of February 2024, from N62.539tn at the end of December 2023.

Figures obtained by Daily Economy from the Central Bank of Nigeria revealed that at the end of January 2024, the total credit figure stood at N76.292tn.

According to the Central Bank of Nigeria’s money and credit statistics report, the credit rose by N20.84tn in 2023 financial period from the closing figure of N41.741tn at the end of December, 2022.

CBN’s data showed that the credit figures rose from N41.542tn, 41.75tn, and N43.012tn in January, February and March, and to N43.665tn, N44,787tn and N52.812tn in June.

It rose from N56.461tn, N56.948tn and N59.507tn in July, August and September to N63.569tn, fell to N59.685tn in November and rose back to N62.539tn in December.