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Wednesday, August 26, 2015

Credit To Private Sector Rises To N18.7tr – CBN


Credit to private sector increased from its level in December 2014 by N464.01bilion or 2.56 percent to N18,711.7 billion at the end of March 2015, the Central Bank of Nigeria (CBN) said in its Statistical Bulletin for the first quarter of 2015.


At this level, the CBN stated that the figure was 23.50 percentage points lower than the provisional programmed target of 26.06 per cent for fiscal 2015.
Similarly, the CBN said net credit to government year-to-date rose by 187.57 per cent showing a 151.52 percentage points above the provisional programmed target of 36.05 percent for fiscal 2015, and 32.07 percent above the level achieved 12 months ago.
Other highlights of the monetary survey analysis for March 2015 indicated that the broad measure of money supply (M2) year-to-date increased marginally by N214.7 billion or 1.13 percent to N19,142.5 billion in March 2015. Thus, M2 growth was 14.11 percentage points below the provisional programmed target of 15.24 per cent for fiscal 2015, but 7.95 per cent above the level recorded a year ago.
According to the CBN, the 1.13 per cent year-to-date expansion in Broad Money was accounted for by the 0.78, 0.74, 0.39 and 0.18 percentage points increases in the relative contributions of demand deposit at commercial banks, quasi money, narrow money and currency outside banks, respectively.
Net Domestic Credit (NDC) increased from its level in December 2014 by N1,884.8 billion or 9.99 percent to N20,757.6 billion in the review period, indicating a 19.31 percentage points below the provisional programmed target of 29.30 percent for fiscal 2015, but 14.68 percent higher than the level achieved a year earlier.
The apex bank added that net foreign assets (NFA) declined by N1,112.5 billion or 15.67 percent to N5,985.6 billion year-to-date. The 15.67 percent contraction in NFA was 26.27 percentage points lower than the provisional programmed target of 10.60 percent for fiscal 2015.
However, Other Assets Net (OAN) decreased by 7.92 percent from its level in December 2014. This was accounted for by the decreases of 4.84, 2.72, 0.53 and 0.17 percentage points in the relative contributions of OAN of commercial banks (CBs), OAN of CBN, merchant banks (MBs) and non-interest bank (NIB), respectively.
The 7.95 percent year-on-year expansion in M2 in March 2015 was accounted for by the 11.47 and 1.04 percentage points increases in the relative contributions of quasi money and currency outside bank, respectively.
These increases were moderated by the 3.52, 2.72, 1.68 and 0.13 percentage points decreases in the relative contributions of narrow money, demand deposits at CBN, Commercial bank and non-interest bank, respectively.

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