NBS releases banking sector report says credit to economy up by 1.79%

The National Bureau of Statistics (NBS) on Wednesday released the banking sector report which showed that credit to the private sector rose by 1.79 percent to N18.82 trillion in the second quarter of 2020 from N18.5 trillion in the corresponding quarter of 2019.

Sector allocation of credit by banks revealed that oil & gas and manufacturing sectors got credit allocation of N3.62 trn and N3.07 trn to record the highest credit allocation as at the period under review.
As at Q2 2020, the total number of banks’ staff decreased by -2.55%  from 96,975 in Q12020 to 94,498.

A total volume of 2,160,436,659 transactions valued at N263.78 trillion were recorded in Q2 2020 as data on electronic payment channels in the Nigeria banking sector revealed. Online transfer transactions dominated the volume of transactions recorded. 1,317,621,686 volume of online transfer actions valued at N72.25 trn were recorded in Q2 2020.