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Bank customers borrowed N947b amid naira scarcity 

THE Deposit Money Banks offered 130,854 new credits valued at N947.46bn to their customers in December 2022, according to a document by the Monetary Policy Committee of the Central Bank of Nigeria.

A member of the MPC, Adeola Adenikinju, disclosed this in his personal statement made at the last meeting of the committee.

He also disclosed that the banking industry assets rose by N14.36tn, while industry credit rose by N5.14tn in 2022.

Adenikinju said, “All measures of industry aggregates: assets, deposits and credit rose year-on-year. Total assets of the banking industry grew by N14.36tn between the end of December 2021 and 2022. Similarly, industry credit increased by N5.14tn over the same period.

“In addition, total industry deposits rose by N7.08tn between end-December 2021 and 2022. In December 2022, a total of 130,854 new credits valued at N947.46bn were granted to various customers.”

The MPC member also disclosed that there was an increase in the maximum lending rate from 28.14 per cent to 29.13 per cent.

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

This occurred amid the naira redesign policy of the CBN, which led to naira scarcity for many Nigerians.

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