Lagos - Credit to the private sector by Nigerian banks declined to N16.769 trillion as at the end of May 2014, a new report from the by the Central Bank of Nigeria (CBN) has shown.
The figure represents a decrease of N248 billion from the N17.017 trillion that banks offered to the private sector during this period in 2013, reports ThisDay.
The report also shows that the total amount of currency in circulation also dropped to N1.518 trillion at the end of May, as against the N1.570 trillion it was in April, 2014.
Banks’ reserves with the apex bank also fell to N3.582 trillion, down from the N3.726 trillion figure of April, 2014.
Read more at ThisDay.
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