NBS report shows Nigerian Banks allocated N59.56tr. in credits

The National Bureau of Statistics (NBS) said a total volume of 910,186,115 transactions valued at N65.16 trillion were recorded in 2016 as electronic payment in the banking sector.

Nigerian Banks

Nigerian Banks

This statistics is contained in a “Selected Banking Sector Data for 4th Quarter 2016’’ released by NBS in Abuja.

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

The report stated that ATM transactions dominated the volume of transactions recorded, with 590, 238, 934 volume, valued at N4.98 trillion recorded during the period.

“In terms of credit to private sector, a total of 59.56 trillion Naira worth of credit was allocated by banks in 2016.

 “Services and Industry got credit allocation of N23.07 trillion and N22.85 trillion to record the highest credit allocation in the year under review.

“As at fourth quarter 2016, the total number of banks’ staff dropped from 82,540 in third quarters 2016 to 76,812 in the fourth quarter,’’ the NBS stated.

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