Business

Bank Deposit Increase by N6.92tn

today01/12/2023 1

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Deposits by Nigerian banks rose by N6.92tn from N36.13tn as of the end of October 2021 to N43.05tn in the corresponding period of 2022.

According to the Deputy Governor, Financial System Stability Directorate, CBN, Aishah Ahmad, total assets rose to N69.67tn in October 2022 from N57.3tn in October 2021, while total deposits rose to N43.05tn from N36.13tn over the same period.

Total credit also increased by N5.32tn to N28.81tn between end-October 2021 and end-October 2022 with significant growth in credit to manufacturing, general commerce, and oil & gas sectors.

Written by: Helen Obih

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