Private-Sector Credit Reaches ₦83.3tn as Money Supply Hits ₦133.2tn

Credit to Nigeria’s private sector rose to ₦83.3 trillion in June, while broad money supply reached ₦133.2 trillion, according to the Central Bank’s latest money and credit statistics.

Vanguard reported that private-sector credit increased 2.8 per cent from ₦81 trillion in May. Net domestic credit rose 1.5 per cent to ₦123.3 trillion over the same period.

The report said broad money supply, known as M2, increased 3.09 per cent from ₦129.2 trillion in May. Quasi money rose eight per cent to ₦88.5 trillion, while narrow money edged up to ₦44.7 trillion.

Credit to government fell slightly to ₦40 trillion from ₦40.4 trillion, while currency outside the banking system declined to ₦4.9 trillion from ₦5.2 trillion.

Source: Vanguard