Deposits by Nigerian banks rose by N6.92tn from N36.13tn as of the end of October 2021 to N43.05tn in the corresponding period of 2022.
This was contained in the personal statements of members of the Central Bank of Nigeria Monetary Policy Committee.
“As anticipated, average lending rates have risen between June and October 2022, partly driven by the tight monetary policy stance of the MPC, which requires vigilance by the banks to forestall defaults and preserve asset quality.” He said, “Industry non-performing loan ratio was 4.8 per cent in October 2022 below the 5.0 per cent threshold, while industry liquidity ratio was 40.1 per cent, above the 30.0 per cent minimum level. Of note is the sustained growth in total industry deposits, credits, and assets, reflecting positive impact of various measures by the Bank.
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