Banks’ credit to the private sector rose to N74.0 trillion in October 2024, marking a 16 per cent year-on-year increase despite a tightening monetary policy, according to the Central Bank of Nigeria (CBN).
This growth, however, reflects a slowdown from the previous month’s rate of 27 per cent and a two per cent month-on-month contraction.
The rise in foreign currency loans, driven by the naira’s depreciation, has been a significant factor in this credit expansion. Analysts…
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