Credit extended to Nigeria’s private sector declined by 15.3 percent month-on-month (MoM) to N33.9 trillion in July 2026, from N40.03 trillion recorded in June.
The Central Bank of Nigeria disclosed this in its Money and Credit Statistics for the review period.
The data also showed that credit to the government fell marginally by 0.18 percent MoM to N83.4 trillion in July, compared with N83.25 trillion in June.
Consequently, net domestic credit declined by 4.3 percent to N117.4 trillion in July, from N123.9 trillion in the preceding month.
Despite the contraction in credit, Nigeria’s broad money supply increased by 4.2 percent during the period under review.
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According to the CBN, broad money supply, also known as M², rose to N138.7 trillion in July from N133.24 trillion in June, driven largely by growth in quasi money.
Narrow money, however, declined by 2.23 percent to N43.7 trillion in July, from N44.7 trillion in June.
Similarly, currency outside banks fell by 2.08 percent to N4.8 trillion from N4.9 trillion, while demand deposits declined by 2.26 percent to N38.9 trillion from N39.8 trillion.
In contrast, quasi money rose by 7.4 percent to N95.09 trillion in July, compared with N88.5 trillion recorded in June.
