By Elizabeth Adegbesan
Credit to the private sector declined month-on-month (MoM) by 15.3 percent to N33.9 trillion in July 2026 from N40.03 trillion in June 2026.
The Central Bank of Nigeria, CBN, disclosed this in its Money and Credit Statistics Data for the review period.
Breakdown of the data also shows that credit to government declined slightly by 0.18 percent MoM to N83.4 trillion in July 2026 from N83.25 trillion in June 2026.
This resulted in a net domestic credit of N117.4 trillion in July 2026, representing a 4.3 percent MoM decline from N123.9 trillion in June 2026.
Despite the decline in credit, money supply in the country grew by 4.2 percent MoM during the review period.
The CBN’s data shows that broad money supply (M²) rose to N138.7 trillion in July 2026 from N133.24 trillion in June 2026. This was following a decline in growth in most M² components.
Further breakdown of the data shows that Narrow money recorded a 2.23 percent decline to N43.7 trillion in July 2026 from N44.7 trillion in June 2026.
Likewise, Currency outside Banks, CoB, fell by 2.08 percent to N4.8 trillion in July 2026 from N4.9 trillion in June 2026.
Demand deposits was also down by 2.26 percent MoM to N38.9 trillion in July 2026 from N39.8 trillion in June 2026.
However, Quasi money grew by 7.4 percent to N95.09 trillion in July 2026 from N88.5 trillion in June 2026.
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