The Central Bank of Nigeria (CBN) has disclosed that banking sector credit to private sector increased year-on-year to N35.45 trillion as at January 2022, up by 33 per cent compared to January 2021.
Credit to private sector stood at N35.19 trillion as of December 2021.
The apex bank in its latest money and credit statistics also disclosed that credit to government rose by 48 per cent year-on-year to N14.28trillion in January 2022, up from the N9.65 trillion recorded in January 2021.
Furthermore, the CBN data disclosed that broad money supply in January increased to N44.56trillion, from December 2021, while narrow money supply appreciated by 3.03 per cent month-on-month to close January 2022 at N18.72 trillion from N18.17 trilion in December.
Analysts have commended the rise in credit to private sector which they attributed to the CBN’s loan-to-deposit ratio (LDR) policy and other fines for defaulting on cash reserve requirement…
Source: Thisday Newspaper