BY NKECHI NAECHE -ESEZOBOR—Nigeria’s credit to the private sector appreciated in October, according to data released by the Centra Bank of Nigeria, ( CBN).
The data shows that Private Sector Credit Extension (PSCE) went up by 2.6% to ₦74.41 trillion in October, up from ₦72.53 trillion in September—an 18-month low.
The rise in credit occurred alongside a sharp drop in banking system reserves, which fell by 8.9% month-on-month to ₦31.58 trillion in October, down from ₦34.67 trillion in September.
Analysts linked the decline to increased credit expansion rather than reserve build-up, aligning with the looser liquidity conditions that followed the CBN’s policy shift in September.
