Consumer credit records 17.6% drop to N3.5trn in October 

The Central Bank of Nigeria (CBN) has reported a significant decline in consumer credit, which dropped by 17.6 per cent month-on-month (MoM) to N3.5 trillion in October, down from N4.25 trillion recorded at the end of September.

This N750 billion contraction was attributed to reductions in both personal and retail loans, according to the CBN’s October Monthly Economic Report.

The CBN said: “Consumer credit outstanding declined by 17.64 per cent to N3.5 trillion compared with N4.25 trillion at the end of the preceding month.

“The decline in consumer credit followed the decline in personal and retail loans to N2.41 trillion (23.5 percent) and N1.09 trillion (0.91 percent), from N3.15 trillion and N1.1 trillion, respectively, in the preceding month.”

Despite the decline, personal loans retained their position as the dominant component of consumer credit, accounting for 68.95% of the total in October, though this was lower than the 74.14 per cent share recorded in September. Retail loans made up the remaining 31.05 per cent .

Interestingly, on a year-on-year (YoY) basis, consumer credit recorded an increase of 6.06 per cent, reflecting sustained long-term growth in credit accessibility despite the month-to-month contraction.

…………

About CableNews24

At CableNews24, we’re your trusted companion in navigating today’s fast-paced world-your gateway to a world of instant information, updates, and compelling stories. We are not just an online TV and newspaper website; Offering a dynamic mix of up-to-the-minute news, and insightful articles, CableNews24 delivers everything you need to stay connected. Whether you’re catching breaking news in real-time or exploring in-depth coverage through our online newspaper, we promise to keep you informed, entertained, and ahead of the curve. From local happenings to global events, we deliver news that matters.  Join the CableNews24 experience – where news meets convenience, and your world comes alive.

CableNews24 – News, Anytime, Anywhere.

For Advertisement, Event Coverage/MC, Public Relations, Story/Article Publication, and other Media Services, kindly send an email to: cablenews24.com@gmail.com OR Kindly call: 08023535955 . To stay updated with the latest news stories, kindly visit cablenews24.com published by AAAANDREL GLOBAL SERVICES