Nigerians Deposited N42.03 Trillion in Banks Between June 2021 to June 2022

Total deposits in Nigerian banks rose by 24.17 percent from N33.85 trillion in June 2021 to N42.03 trillion in June 2022. 

The Deputy Governor of the CBN, Financial Systems Stability Directorate, Aishah Ahmad, disclosed that Nigerian banks must be attentive and proactive to manage any macro challenges to the financial sector. 

She also stated in her statement at the last Monetary Policy Meeting (MPC)  that key industry aggregates also continued their year-on-year upward trajectory with total assets rising to N65.48 trillion in June 2022 from N53.64tn in June 2021. 

Aisha Ahmed noted that  Gross credit has maintained an upward trajectory since 2019, rising by N5.02tn between June 2021 and June 2022 with significant growth in credit to manufacturing, general commerce and oil & gas sectors.

“This notable increase was achieved amidst a continued decline in non-performing loans ratio from 5.3 per cent in April 2022 to 5.0 per cent in June 2022.” she said. 

She also stated that the results of stress tests showed the resilience of banks’ solvency and liquidity ratios in response to potential severe macroeconomic shocks.

Similarly, another member of the Monetary Policy Committee, Folashodun Shonubi, said the financial sector recorded some significant growth during the period which include a significant increase in bank deposits. 

Folashodun Shonubi said, “Prudential indicators in the banking sector remained within acceptable levels, highlighting the resilience of the sector.

“Even as total asset, deposit and credit maintained their upward trend, the non-performing loans ratio improved further to 4.95 per cent, below the prudential maximum of 5.0 percent.

Established in 2005, the Monetary Policy Committee (MPC) is the highest policy-making committee of the Central Bank of Nigeria with the mandate to review economic and financial conditions and determines appropriate decisions both in the short and medium term.