Despite economic challenges, credit to the private sector experienced a notable surge, increasing by 38 per cent year-on-year (YoY) in June 2024, a report by the Central Bank of Nigeria (CBN) has revealed.
The money and credit statistics report revealed that total credit extended to the private sector in June 2024 reached $46 billion, a significant rise from the $33.2 billion recorded in June 2023.
The YoY increase of 38 per cent highlights the ongoing efforts by banks and financial institutions to bolster lending to businesses and individuals, contributing to overall economic growth.
Read more at Thisdaylive
The money and credit statistics report revealed that total credit extended to the private sector in June 2024 reached $46 billion, a significant rise from the $33.2 billion recorded in June 2023.
The YoY increase of 38 per cent highlights the ongoing efforts by banks and financial institutions to bolster lending to businesses and individuals, contributing to overall economic growth.
Read more at Thisdaylive