Banks Up Credit Facility to Private Sector in February – CBN

• Banks Up Credit Facility to Private Sector in February – CBN

Nigerian banks improved credit facility to the private sector in the early part of the year, according to the data released by the Central Bank of Nigeria for the first quarter of the year.

The data showed the banking sector has provided N24.16 trillion to the private sector as of February 2019. Representing an increase of 6.4 percent when compared with the facility provided in the same period of last year.

Also, the total credit to the domestic economy grew by 10.7 percent to N30.518 trillion during the same period. Again, it represents an increase of 6.3 percent and 4.5 percent at the end of December 2018 and the corresponding period of 2018, respectively.

According to the report, “the development reflected the increase in holdings of government securities by the CBN. But foreign assets (net) of the banking system fell by 7.5 per cent to N17. 023 trillion at the end of February 2019. It, however, contrasted with the growth of 18.5 per cent recorded at end-December 2018. Relative to the level at the end of the corresponding period of 2018, foreign assets (net) declined by 3.2 per cent. The development was attributed to the 8.8 per cent fall in foreign asset holdings of the CBN.”