DMBs, merchant banks’ credit to economy rose by 11% in June
Deposit Money Banks (DMBs) and merchant banks’ net domestic credit to the economy has hit N84 trillion representing an 11 per cent Month-on-Month (MoM), rise from N75.49 trillion in May.
The breakdown, according to the Money and Credit Statistics of the Central Bank of Nigeria, CBN, released on Saturday, shows that the private sector took N52.8 trillion, showing about 17.9 per cent rise from the N44.78 trillion it collected in May 2023.
The statistics also showed credit to the government rose by 1.6 per cent to N31.2 trillion from N30.7 trillion during the period.
On the other hand, the data also showed that currency-in-circulation (CIC) rose MoM by four per cent to N2.6 trillion in June from N2.5 trillion in May.
The rising trend was also reflected in currency outside bank which grew by 4.15 per cent to N2.26 trillion from N2.17 trillion in May.
Both CIC and currency outside banks have been on the rise since February 2023 when the Supreme Court ordered that the old N200, N500 and N1,000 will remain legal tender till December 31st, 2023.
