The Central Bank of Nigeria disclosed that banks’ credit stood at N774.28 billion in the month of December 2020.
It stated that the credit saw a 13.40 percent increase when compared to the previous month’s 9.48 percent.
This disclosure was made on Tuesday at the Monetary Policy Committee meeting.
The apex bank’s Governor Godwin Emefiele stated, “Aggregate domestic credit, also moved further up by 13.40 per cent in December 2020, compared with 9.48 per cent in the previous month.
“This was largely attributed to the bank’s policy on Loan-to-Deposit Ratio, complemented by its interventions in various sectors of the economy.
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“Consequently, banking sector gross credit as at end-December 2020 stood at N25.02tn compared with N24.25tn at the end of November 2020, representing an increase of N774.28bn.”
At the meeting, CBN was urged to maintain the growth to better access to credit by players in the private sector.
