Banks credit to the private sector increased year-on-year by 2.5 per cent or N461 billion to N18.638 trillion at the end of February 2015 as against N18.178 trillion at the end of January 2015.
The Central Bank of Nigeria (CBN) disclosed this in its money and credit statistics for February 2015. The apex bank data, however, showed that broad money (M2), which generally is made up of demand deposits at commercial banks and monies held in easily accessible accounts fell slightly year-on-year from N16.811 trillion as at January, to N16.546 trillion at the end of February.
Similarly, narrow money (M1), which includes all physical monies such as coins and currency along with demand deposits and other assets held by the central bank declined year-on-year to N6.047 trillion in the review month, as against the N6.373 trillion recorded the previous month.
Also, currency outside banks dropped from N1.320 trillion in January, to N1.233 trillion as at the end of February.
The currency-in-circulation dropped marginally to N1.623 trillion at the end of February, compared to the N1.662 trillion it was the previous month.