The Central Bank of Nigeria through its committee on Monetary Policy has disclosed that the Bank’s total credit to the economy rose to 25.02 trillion naira at the end of 2020.
In a statement made by the CBN Governor, Godwin Emefiele, the credit surged by 13.4 percent between November and December. He added that the total domestic credit also rose by 13.40 percent in December compared to the previous month.
Emefiele reiterated that the surge can be traced to the Bank’s financial policy tagged Loan-to-Deposit Ratio, coupled with the efforts of the different sectors in Nigeria’s economic system.
While disclosing other efforts that contributed to the increase, Emefiele stated that the Bank’s gross credit as at the end of December, 2020 compared to that of November which was 24.25 trillion naira, stood at 25.02 trillion naira.
He further implored the bank to maintain its credit status so as to continue to improve the access to credit especially by the private sector. He also called on the government to ensure a collaborative efforts to achieving this objective by improving its funding on the most crucial sectors of the economy.