Nigeria: Credit to private sector up 2.5 per cent in February

Apr 24, 2015

The central bank also disclosed plans to publish the names of new bank debtors.

Credit to the private sector increased by N461 billion (€2.2 billion) to N18.638 trillion at the end of February 2015, which represents a 2.5 per cent increase over the previous month, according to new figures from the Central Bank of Nigeria (CBN).

However, broad money fell slightly from N16.811 trillion in January to N16.546 trillion at the end of February.

Meanwhile, narrow money - which includes all physical money such as coins and currency along with demand deposits and other liquid assets held by the central bank - declined to N6.047 trillion in the review month, from N6.373 trillion recorded the previous month.

As it released the figures, the central bank disclosed plans to publish the names of new bank debtors in an effort to prevent another build up of non-performing loans in the banking industry, This Day reports.

In addition, the central bank said it might be compelled to stop such loan defaulters from accessing foreign exchange through the interbank Foreign Exchange market.

Director of Banking Supervision at the CBN Tokunbo Martins said that "some data shows that it is increasingly becoming difficult for some debtors to pay up their loans. So it was decided that going forward, one thing that we may do is to stop them from getting access to foreign exchange."ADNFCR-2976-ID-801784903-ADNFCR