New Telegraph

CBN: Banks’ credit to economy hit N70.59trn in March

Banks’ credit to the economy rose by N24.93 trillion or 54.59 per cent to N70.59 trillion in March this year from N45.66 trillion in the corresponding period of 2022, latest data released by the Central Bank of Nigeria (CBN) has shows. According to the “Money and Credit Statistics” for March 2023, released by the apex bank yesterday, of the net domestic credit, banks’ credit to the private sector and net credit to government last month, stood at N43.07 trillion and N27.53 trillion respectively. New Telegraph’s analysis of the data indicates that banks’ credit to the private sector increased by N6.59 trillion or 18.09 per cent to N43.07 trillion, last month, from N36.47 trillion in the corresponding period of 2022. The data also shows that when compared with the numbers for February 2023 (N41.75 trillion) banking sector credit to the private sector in March increased by N1.31 trillion or 3.14 per cent. Similarly, the data indicates that net credit to government rose by N11. 21 trillion or 68.69per cent to N27.53 trillion in March 2023 from N16.32 trillion in the corresponding period of last year. However, the data shows that when compared with the preceding month’s numbers (N28.43 trillion), net credit to government fell by N901.29 billion or 3.17per cent to N27.53 trillion in March. Analysts note that despite the tough business environment, banking industry credit to the economy has maintained an upward trend in recent years, propelled by policies that the CBN introduced to encourage deposit money banks (DMBs) to increase lending to the private sector as part of its efforts to boost economic growth.

Read Previous

May Day and workers’ woes!

Read Next

Osun warns against selling govt land

Leave a Reply

Your email address will not be published. Required fields are marked *