Banking sector credit to the private sector leaped year-on-year by 2.5 per cent or N12 billion to N18.719 trillion at the end of December 2015, compared with the N18.707 trillion it stood at the end of November 2015.
This was revealed by data compiled from the Central Bank of Nigeria’s (CBN) money and credit statistics for December 2015, released recently.
The central bank data also revealed that broad money (M2), which generally is made up of demand deposits at commercial banks and monies held in easily accessible accounts climbed year-on-year from N18.367 trillion as at November, to N20.030 trillion at the end of December.
Similarly, narrow money (M1), which includes all physical monies such as coins and currency along with demand deposits and other assets held by the central bank edged higher year-on-year to N8.571 trillion in the review month, as against the N6.980 trillion recorded the previous month.
Also, currency outside banks rose from N1.261 trillion in November, to N1.456 trillion as at the end of December.
Also, currency-in-circulation increased to N1.858 trillion at the end of December, compared to the N1.633 trillion it was the previous month.
The central bank data showed that the total amount of banks’ reserves with the central bank fell from N4.006 trillion the previous month, to N3.955 trillion.
But demand deposits, which are funds held in an account from which deposited funds can be withdrawn at any time without any advance notice to the depository institution increased from N5.053 trillion in November, to N7.116 trillion in the month under review.
