34.8% rise in Nigerian banks assets and liabilities in a month

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Total assets and liabilities of Nigeria’s 24 deposit money banks (DMBs) amounted to 13.6 billion naira at the end of April, representing an increase of 34.8% over the level in the preceding month, according to the Central bank of Nigeria monthly report.

The apex bank attributed the increase in total assets to the 6.1% and 9.3 % rise in reserves and claims of the private sector respectively.

It said ”funds, sourced mainly from the expansion of unclassified liabilities and accumulation of time, savings and foreign currency deposits, were largely to extend credit to the private sector and settle demand deposits”.

The April monthly report also noted that credit to the domestic economy rose by 14% to 8.25 trillion naira, as credit to government and the private sector increased by 35.2% and 8.8 % respectively.

CBN also observed that following the upward review of of Monetary Policy Rate (MPR) to 10% in April, 2008, total lending facility granted to deposit money banks in April fell to 1.3 trillion naira, from 2.1 trillion naira in March 2008. Panapress .

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