Banks’ credit to economy hits N23.5tn, says CBN

Banks’ gross credit to the Nigerian economy rose to N23.5tn in November this year, according to figures obtained from the Central Bank of Nigeria.

The CBN said in a new report that it strengthened the Loan-to-Deposit ratio policy, which he said had resulted in a significant rise in loans provided by financial institutions.

“Total gross credit rose by over 21.1 percent over the past year, from N19.4tn to N23.5tn,” it said.

The CBN said it created a N50bn target credit facility for affected households and small and medium enterprises through Nirsal Microfinance Bank, against which N363.5bn had been disbursed to over 767,000 Nigerian households and micro-businesses.

It added that it mobilised key stakeholders in the Nigerian economy under the Private Sector Coalition Against COVID-19 team that raised N39.64bn to support the fight against the scourge.

The report noted that the funds were used to support three key priority areas including the “development of 39 fully equipped isolation centres, including intensive care units and molecular testing labs and procurement of medical equipment such as PCR test kits across the country


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