On a month-on-month basis, banks’ credit to the private sector rose by about N2.29tn between June and July.
CPS includes loans, trade credits and other account receivables and supports provided by banks to the private sector within a period.
The CPS is a global measure of the banking sector’s balance sheet resilience and contribution to the national economic agenda.
According to experts, increased private sector credit implies a major boost for the economy, as there is a link between credit to the private sector and economic growth.
Analysts at Cordros Capital projected that credit to the private sector may continue in the period ahead.
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