馃嚦馃嚞NigeriaWest Africa
Nigeria's private sector credit rises to N83.3tn in June amid lending growth
via Punch Nigeria7 min read
Credit extended to Nigeria's private sector reached N83.3tn in June 2026, marking a 2.8 percent increase from N81tn in May. This data comes from the Central Bank of Nigeria's latest Money and Credit Statistics. Conversely, credit to the government saw a 0.99 percent decline, falling to N40tn in June from N40.4tn in May. Consequently, net domestic credit grew by 1.5 percent to N123.3tn in June, up from N121.42tn the previous month. This rise in private sector lending indicates that banks are continuing to provide credit to businesses and households, even with the Central Bank of Nigeria's high-interest rate policy. Analysts suggest that sustained credit growth could foster business expansion, investment, and overall economic activity. However, there is also a concern that if credit growth outpaces the economy's productive capacity, it could lead to increased inflationary pressures. The figures highlight a persistent demand for financing despite the Central Bank of Nigeria's tight monetary policy, which aims to control inflation and stabilize prices.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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Must ReadNigeria's broad money supply increased to N133.25tn in June 2026, up from N129.21tn in May, according to data released by the Central Bank of Nigeria CBN. This growth occurred despite the CBN maintaining its benchmark Monetary Policy Rate at 26.5 percent. The N4.04tn month-on-month increase indicates expanding liquidity in the economy, primarily driven by higher domestic assets and growth in quasi-money. Quasi-money, which includes savings and time deposits, rose to N88.54tn from N84.58tn, while demand deposits increased to N39.78tn from N39.43tn. Currency held outside the banking system decreased to N4.92tn, suggesting more cash remained within the formal banking system. Net domestic assets saw a 4.37 percent rise, reaching N106.73tn, while net foreign assets declined by 1.56 percent to N26.53tn. The overall broad money supply expanded by 3.11 percent month-on-month. Analysts have expressed concerns that this expansion in money supply could complicate the CBN's efforts to control inflation, even as the Monetary Policy Committee decided to keep all monetary policy parameters unchanged to support disinflation and macroeconomic stability.