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CBN: Credit to private sector rises 20.19% to N40.19trn

Banks’ credit to the private sector rose by 20.19 per cent (N6.75trillion) to N40.19 trillion as of August 2022 compared with N33.44 trillion in the corresponding period of last year, latest data released by the Central Bank of Nigeria (CBN) shows.

The apex bank’s “Money and Credit Statistics” for August 2022, posted on its website, yesterday, further show that when compared with July 2022 numbers (N39.85trillion) banking sector credit to the private sector last month increased by N340.66billion or 0.85 per cent. Also, the data indicates that net credit to government rose by N8.43trillion or 67.11 per cent to N21.00trillion in August 2022 from N12.57 trillion in the corresponding period of last year. According to the data, Month-on-Month, net credit to government increased by N895.11biliion or 4.45 per cent to N21.00trillion in August 2022 from N20.11 trillion in the preceding month.

Similarly, net domestic credit rose by N15.19trillion or 33.00per cent to N61.20trillion in August 2022 from N46.00trillion in the corresponding period of last year. Month-on-Month, net domestic credit increased by N1.24trillion or 2.06per cent from N59.96trillion in July 2022. Further review of the CBN’s data shows that Currency Outside Banks (COB) dropped to N2.68 trillion in August 2022 from N2.72 trillion in the preceding month.

In the same vein, currency in circulation fell marginally to N3.21trillion in August 2022 from N3. 24trillion in the previous month. Analysts note that banking industry credit to the private sector has maintained an upward trend in recent years, a development they attribute to policies that the CBN introduced to encourage Deposit Money Banks (DMBs) to increase lending to the private sector as part of its efforts to boost economic growth. For instance, one of such policies generally cited by financial experts is the apex bank’s Loan-to-Deposit Ratio (LDR) policy. Introduced in July 2019, the policy saw the CBN increasing the required minimum LDR to 60 per cent effective end of September 2019.

It later raised the ratio higher to 65 per cent and directed lenders to comply with the regulation by the end of December of the same year. Indeed, in his personal statement at the CBN’s Monetary Policy Committee (MPC) meeting held in May this year, a member of the committee, Professor Festus Adenikinju, stated: “Industry Credit increased by N4.65 trillion between April 2021 and April 2022. “This growth can be attributed primarily to increased funding base of the industry and the CBN’s Loan to Deposit Ratio (LDR) policy.

 

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