The Central Bank of Nigeria (CBN) has reported a notable increase in private sector credit, which rose by 2.8% month-on-month to reach N83.3 trillion in June 2026, compared to N81 trillion in May. Conversely, credit to the government saw a slight decline of 0.99%, falling to N40 trillion, despite ongoing government borrowing to address a N23.85 trillion budget deficit. The CBN's Money and Credit Statistics indicate a 1.5% overall increase in net domestic credit, now totaling N123.3 trillion. This expansion has contributed to a 3.09% rise in the country's broad money supply (M²), which reached N133.2 trillion in June. A significant factor in this growth was an 8% increase in Quasi money, which rose to N88.5 trillion. Meanwhile, narrow money and demand deposits also saw slight increases, while currency outside the banking system decreased by 5.7%, suggesting a trend towards more formalized banking transactions.
NigeriaNewsFeed summary based on reporting from Vanguard News.
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