Home Business Banks’ credit figure expands by N3.77tn in 15 months – CBN

Banks’ credit figure expands by N3.77tn in 15 months – CBN

by Kunle Awosiyan
Emefiele

Banks’ lending to various economic sectors leapt by N3.77 trillion or 24.2% to N19.33 trillion in the fifteen months to August 2020, the Central Bank of Nigeria (CBN) declared on Tuesday, citing the impact of its loan to deposits ratio policy.

“The bank’s policy on Loan to Deposit ratio also resulted in a significant growth in credit to various sectors from N15.57 trillion to N19.33 trillion between end-May 2019 and end-August 2020, an increase of N3.77 trillion,” CBN chief, Godwin Emefiele told journalists on Tuesday at the announcement of the bank’s Monetary Policy Committee decisions in Abuja.

“This growth in credit was mainly to manufacturing (N866.27bn), consumer credit (N527.65bn), oil and gas (N477.65bn), agriculture (N287.11bn) and construction (N270.97bn).”

Net domestic assets and net foreign assets also grew, encouraged by broad money supply, which climbed to 6.93% (year-to-date) in August from 5.23% in July 2020.

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