Loan to the Private Sector in Nigeria increased by 33.69 percent to ₦75.48 trillion as the Money Supply in the country rose to an all-time high of N106.3 trillion in July 2024 despite the Central Bank of Nigeria’s recent monetary policy measures.
This is according to recent data from CBN.
The figure for loans to Private in July represents a significant increase from the
N56.46 trillion in the corresponding period of June 2023.
Similarly, on a month-on-month basis, loans to the private sector increased by 3.13 percent from N73.19 trillion in June 2024.
This comes as the country’s money Supply recorded a 62.66 percent increase in July compared to N65.33 trillion recorded in the corresponding period of July 2023.
CBN’s data also showed that currency in circulation saw an increase to N4.053 trillion, a 56.18 percent rise compared to the figure recorded in the same period last year.
The country’s CIC increased by 0.12 percent on a month-on-month basis in July to N4.053 trillion compared to N4.048 recorded in June.
The development comes amid the CBN tightening of Monetary policies.
The apex bank in its last Monetary Policy Committee meeting in July raised the interest rate to 26.75 percent amid an effort to tackle inflation which stood at 33.40 percent.
