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  • Business - Companies
  • Updated: March 03, 2023

Bank Customers' Debt Hit N947 Billion In December

Bank Customers' Debt Hit N947 Billion In December

A document by the Monetary Policy Committee of the Central Bank of Nigeria has revealed that Deposit Money Banks' loan to customers rose to N947.46 billion as of December 2022.

This was made known by a member of the MPC, Adeola Adenikinju, in his personal statement made at the last meeting of the committee.

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 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.

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