• Mon. May 29th, 2023

Banks Lend N947b to Customers amid Cash Crunch

According to the Monetary Policy Committee of the Central Bank of Nigeria (CBN), Nigerian banks offered 130,854 new credits worth N974.46 billion to their customers in December 2022.

Adeola Adenikinju, an MPC member, stated this in a statement at the most recent MPC meeting.

According to him, the banking industry assets rose by N14.36 trillion, while industry credit rose by N5.14 trillion in 2022.

“All measures of industry aggregates: assets, deposits, and credit rose year-on-year.

“Total assets of the banking industry grew by N14.36 trillion between the end of December 2021 and 2022.

“Similarly, industry credit increased by N5.14 trillion over the same period.

“In addition, total industry deposits rose by N7.08 trillion between end-December 2021 and 2022.

“In December 2022, a total of 130,854 new credits valued at N947.46 billion were granted to various customers”, he said.
The MPC member also disclosed that there was an increase in the maximum lending rate from 28.14 percent to 29.13 percent.

“Interest rate spread month-on-month widened to 23.42 percent in December 2022, as the maximum lending rate increased from 28.14 percent to 29.13 percent and average savings rate rose from 3.93 percent to 4.13 percent between November and December 2022, respectively,” Adenikinju added.



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