Data released by the Central Bank of Nigeria (CBN), on ‘MoData released by the Central Bank of Nigeria (CBN), on ‘Money and Credit Statistics’ has shown that credit from banks to the government fell in May 2023. The data shows that on a month-on-month basis, banks’ credit to the government fell by N70 billion (0.22 percent) to N30.69 trillion in May 2023 from N30.76 trillion in April 2023. However, credit to the private sector increased MoM by five percent to N44.2 trillion in May 2023 from N43.6 trillion in April 2023ney and Credit Statistics’ has shown that credit from banks to the government fell in May 2023. The data shows that on a month-on-month basis, banks’ credit to the government fell by N70 billion (0.22 percent) to N30.69 trillion in May 2023 from N30.76 trillion in April 2023. However, credit to the private sector increased MoM by five percent to N44.2 trillion in May 2023 from N43.6 trillion in April 2023
July 20, 2023
Nigeria Economic Update (Issue 25)
Related
Nigeria Economic Update (Issue 20)
The Naira maintained slight appreciation against the dollar in the review week. At the parallel market, the value of the Naira appreciated week-on-week by 1.6 percent to exchange at N380/$ on May 19, 2017. In addition, inter-bank market rate appreciated slightly by 15kobo to N305.45/$. The appreciation in both segments of the market are favorable effects of the CBNs continued forex supply in the week under review (In a bid to further ease forex liquidity, the CBN pumped a total of $457.3 million on May 15, 2017).