OBINNA EZUGWU

Credit by Deposit Money Banks (DMBs) to the private sector increased by 2.56 percent to N20.37 trillion in the fourth quarter (Q4) of 2020, according to the National Bureau of Statistics (NBS) banking sector report released on Monday.

The report showed that total value of credit allocated by banks was N20.37 trillion as at Q4 2020, with Oil & Gas and Manufacturing sectors getting N3.93 trillion and N3.19trn to record the highest credit allocation as at the period under review.

The reason for growth in banks’ loan book was as a result of the implementation of the Loan to Deposit Ratio (LDR) policy of the Central Bank of Nigeria (CBN).

 

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