Declining Credit to Private Sector Tops MPC Agenda Today

At last members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) commence their two-day meeting in Abuja today, the sustained decline in the level of credit to private sector will be a major concern to the committee.

Latest figures by the CBN showed that credit to the private sector fell once more in May 2018, to N22.207 trillion year-on-year as against the N22.254 trillion it was in April. The CPS had fallen in March.

CBN report had shown that industry gross credit recorded a 3.63 per cent decrease in April 2018, the lowest since January 2017.

At the last MPC meeting in May, the committee members expressed concern that despite the decline in the level of non-performing loans (NPLs) in the industry, commercial banks remained apathetic about lending to the private sector.

THISDAY, July 23, 2018

 

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