RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

Nigerians are borrowing less due to rising cost of capital

Rate Captain by Rate Captain
December 19, 2022
in Business
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Records from the Central Bank of Nigeria (CBN) have shown that outstanding consumer credit in Nigeria declined by 6.78% to N1,933.18 billion at end of June 2022, from N2,073.76 billion as of December 2021.

This means Nigerians are borrowing less as of June 2022, compared to December 2021 when borrowing was high.

AlsoRead

What CBN’s Interest Rates Hikes Means for Nigerians

CBN revocation of Microfinance Bank Licenses Sends Shockwaves Through Nigeria’s Economy. Here’s how it affects you.

Nigeria’s Mega Refinery: A Game-Changer or Potential Disaster?

The CBN blamed the fall on the rising interest rates as central banks around the world raise rates to tame inflation.

The apex bank disclosed this in its latest Financial Stability Report published on Friday.

Credit to real sectors: Meanwhile, the total credit to various sectors of the economy grew by 10.12% to N26,846.40 billion in end-June 2022, due to a 12.41% increase in credit to N14,624.15 billion in the Services Sector.
Note that consumer credit outstanding accounted for 7.22% of total credit to the private sector.

“The decrease was due, largely, to the reduction in personal loans, owing to the rise in lending rates. Total credit to various sectors of the economy grew by 10.12 percent to N26,846.40 billion in end-June 2022, owing, largely, to a 12.41 percent increase in credit to N14,624.15 billion in the Services Sector.
“CBN added that credit to Agriculture and Industry increased by 11.84 and 6.87 percent to ₦1,630.38 billion and N10,591.87 billion, respectively. Services and Industry remained the dominant sectors, accounting for 54.47 and 39.45 percent of the total credit, respectively, compared with 53.36 and 40.66 percent in December 2021.
“The share of the Agricultural Sector increased by 0.09 percentage points to 6.07 percent, compared with 5.98 percent, at end-December 2021. The improved flow of credit to the real sector reflected the Bank’s sustained effort in support productivity, real output growth and employment generation in the economy.”
OFIs now more than 6k: The report added that the total number of Other Financial Institutions (OFIs) increased by 15% to 6,697 at end-June 2022, compared with 6,682 in end-December 2021, due to the licensing of six Finance Companies (FCs) and nine Microfinance Banks (MFBs) in the review period.

Previous Post

Crypto investors lose over $235 million on panic selling over Auditor’s Exit

Next Post

Twitter to ban users from promoting rival social platforms

Related News

CBN Excludes NSPMC from Approved Cheque Printers.

What CBN’s Interest Rates Hikes Means for Nigerians

by Rate Captain
May 24, 2023
0

In a move to address the persistently high inflation rate and various economic challenges, the Central Bank of Nigeria (CBN)...

CBN Excludes NSPMC from Approved Cheque Printers.

CBN revocation of Microfinance Bank Licenses Sends Shockwaves Through Nigeria’s Economy. Here’s how it affects you.

by Rate Captain
May 25, 2023
0

Recently, the Central Bank of Nigeria (CBN) made a significant move by revoking the operating licenses of several microfinance banks,...

The Dangote Oil Refinery: Will it Alleviate Fuel Hikes or Exacerbate Them?

Nigeria’s Mega Refinery: A Game-Changer or Potential Disaster?

by Rate Captain
May 23, 2023
0

On May 22nd, 2023, President Buhari commissioned the Dangote Refinery in Lagos, marking a significant milestone for Nigeria and the...

Uber Partners with Waymo to Introduce Self-Driving Cars, Advancing Autonomous Driving.

Uber Partners with Waymo to Introduce Self-Driving Cars, Advancing Autonomous Driving.

by Rate Captain
May 23, 2023
0

Uber Technologies Inc. and Alphabet Inc.'s Waymo announced on Tuesday that they are teaming up to offer rides in self-driving...

Next Post
Twitter to ban users from promoting rival social platforms

Twitter to ban users from promoting rival social platforms

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

June 2, 2023
Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

June 2, 2023

Popular Story

  • Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    0 shares
    Share 0 Tweet 0
  • Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

    0 shares
    Share 0 Tweet 0
  • Telcos issue banks disconnection notice over USSD debt

    0 shares
    Share 0 Tweet 0
  • US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

    0 shares
    Share 0 Tweet 0
  • Telecom Operators Blame Communications Minister for Telecom Debt Crisis

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>