Banks have recorded an increase in their lending to private sector as it rose by 2.57 per cent to N30.19trn by the end of July this year.
Data from the Central Bank of Nigeria (CBN) revealed that the figure is N757bn higher than the N29.43trn recorded by the end of June this year.
The growth in credit follows the decision of the apex bank to increase credit interventions and lending by Deposit Money Banks.
Nigerian banks are participating financial institutions to the apex bank’s loans targeted at households and firms and the loans are mostly palliatives to cushion the effect of the Covid-19 pandemic on the economy.
The data also showed that net credit to the government increased to N9.52trn by the end of July this year which represents an increase from the N8.86trn recorded in June this year.
According to the apex bank’s data, currency-in-circulation rose in July to N2.39trn, as against the N2.3trn recorded in June.
The CBN data further revealed that currency outside banks stood at N2.trn, which represents an increase of N130bn from the N1.86trn recorded in June.
In addition, demand deposits also rose from N10.37trn the previous month to N10.58trn in the review month.
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