Credit to private sector adds N5.6trn YtD, increases to N40.8trn in October

Banking credit to private sector added N5.6trillion in its Year-till-Date (YtD) performance and increased to N40.8trillion in October 2022, according to the Central Bank of Nigeria (CBN) money and credit statistics.

The apex bank in its latest statistics disclosed that credit to private sector added N294.9billion in October from N40.5billion in September to N40.8billion reported in October. 

Data from the CBN shows that the total credit to government dropped by 0.64 per cent to N22.68trillion in September from N22.83trillion reported in October. 

Analysts have attributed the decline in credit to government to political tension towards the 2023 general elections, stressing that liquidity mop-up by the CBN also contributed to the decline.

However, the CBN data also shows that currency-in-circulation rose YoY by 111.22 per cent to N3.29 trillion in October 2022 from N2.97trillion in October 2021.