The Central Bank of Nigeria (CBN) has reported a growth of 10.1 percent in total banks’ credit to the economy in 5 months. The growth represent an increased of N3.6 trillion from N35.5 trillion in November 2019 to N39.1 trillion in April 2020.
The CBN, in its Depository Corporation Survey Report which was released recently, stated that credit to the Private Sector grew by N2.3 trillion representing an 8.6 percent during the 5 months, rising to N28.7 trillion in April 2020 up from the N26.4 trillion in November 2019.
While credit to the Public Sector (government and it’s agencies) also grew by N1.3 trillion, to N10.4 trillion in April 2020, representing 14.6 percent during the 5 months period.
On a month-on-month (MonM) basis, the report shows an increase of 1.5 percent in credit to the Private Sector amounting to N28.7 trillion. While Public Sector credit grew by 7.2 percent amounting to N10.4 trillion during the 5 months period.
The Depository Corporation Survey Report also shows that Broad Money Supply (M3 money) grew by 0.19 percent MonM to N35.7 trillion in April 2020 while Net Domestic Assets (NDA) increased by 1.8 percent to N29.8 trillion. The Net Foreign Assets (NFA) however deceased by 7.5 percent to N5.9 trillion.