The Central Bank of Nigeria (CBN) has reported that banks’ credit to the private sector dipped month-on-month (M-o-M) by 15.3 percent in July 2026 to N33.9 trillion from N40.03 trillion in the preceding month.
The apex bank, in its just published Money and Credit Statistics Data for the month, also reported that the lenders’ credit to government slightly dropped to N83.4 trillion in July this year from N83.25 trillion in June, representing 0.18 percent drop M-o-M.
The lending figures implied a slight decline in the net domestic credit to N117.4 trillion in the month under review or 4.3 percent drop from N123.9 trillion in June 2026.
However, the CBN reported that despite the decline in loans to the public and private sectors in July, money supply in the country grew by 4.2 percent M-o-M during the review period.
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The CBN’s data further reflected that in July this year, broad money supply (M²) rose to N138.7 trillion from N133.24 trillion in June 2026 just as the narrow money declined by 2.23 percent to N43.7 trillion in July 2026 from N44.7 trillion in the preceding month.
Also, in the month under review, currency outside Banks (CoB), dropped by 2.08 percent to N4.8 trillion from N4.9 trillion in June 2026 while demand deposits declined by 2.26 percent to N38.9 trillion in July from N39.8 trillion in June this year.
But then, the CBN’s data showed that Quasi money in the economy grew by 7.4 percent to N95.09 trillion in July this year from N88.5 trillion in the preceding month.
