Banks allocate N15.13trn credit to private sector – NBS

#TrackNigeria The National Bureau of Statistics (NBS) says the Nigerian banking sector allocated 15.13 trillion as total value of credit to the sector in the second quarter (Q2) 2019.

The NBS figures, contained on its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2019)was on its website on in Abuja.

It said that of the amount, the oil and and manufacturing sectors got credit of 3.33 trillion and 2.32 trillion, recording the highest credit .

The report said that a total volume of 711,299,990 transactions valued at 40.48 trillion recorded in the quarter as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

“The Nigeria Inter- Settlement System (NIBSS) Instant Payments (NIP) transactions dominated the volume of transactions recorded,“ it said.

The report said 271,344,549 volume of NIP transactions valued at N25.18 trillion recorded in the second quarter.

It further said total number of banks’ staff as at the second quarter of 2019, decreased by 0.62 per cent quarter-on-quarter from 105,017 in quarter one to 104,364.

The NBS said data was supplied administratively by the Central of Nigeria (CBN) and was verified and validated by the agency. ()