Credit to private sector declines 15% in July
Credit to Private Sector Declines 15% in July 2026
By Elizabeth Adegbesan
Credit extended to Nigeria’s private sector fell by 15.3 percent in July 2026, amounting to N33.9 trillion, down from N40.03 trillion in June, according to data released by the Central Bank of Nigeria (CBN).
The CBN’s monthly Money and Credit Statistics report indicated a slight decrease in credit to government as well, which fell 0.18 percent month-on-month to N83.4 trillion in July from N83.25 trillion in June.
As a result, the total net domestic credit reported for July reached N117.4 trillion, reflecting a 4.3 percent decline from N123.9 trillion in June.
Despite the drop in credit to both sectors, the country’s overall money supply increased by 4.2 percent month-on-month. The broad money supply, known as M², rose to N138.7 trillion in July, up from N133.24 trillion in June, although growth in various M² components experienced declines.
Further analysis of the data revealed a 2.23 percent decrease in narrow money, which amounted to N43.7 trillion in July, down from N44.7 trillion in the previous month. Currency outside banks also saw a decrease of 2.08 percent, falling to N4.8 trillion in July from N4.9 trillion in June.
Demand deposits experienced a decline of 2.26 percent, totaling N38.9 trillion in July compared to N39.8 trillion in June. Conversely, quasi-money recorded significant growth of 7.4 percent, increasing to N95.09 trillion in July from N88.5 trillion in June.
