Private sector credit contracted month-on-month (MoM) by 15.3 percent to N33.9 trillion in July 2026, down from N40.03 trillion in June 2026.
The Central Bank of Nigeria, CBN, revealed this in its “Money and Credit Statistics Data” for the period under review.
A detailed breakdown of the metrics indicates that “credit to government” dipped marginally by 0.18 percent MoM to N83.4 trillion in July 2026 from N83.25 trillion in June 2026.
This led to a “net domestic credit” of N117.4 trillion in July 2026, marking a 4.3 percent MoM drop from N123.9 trillion in June 2026.
Notwithstanding the reduction in lending, the national “money supply” expanded by 4.2 percent MoM over the period.
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The CBN’s figures demonstrate that “broad money supply (M²)” climbed to N138.7 trillion in July 2026 from N133.24 trillion in June 2026, even after a slump in growth across most M² categories.
An additional breakdown of the figures reveals that “Narrow money” experienced a 2.23 percent contraction to N43.7 trillion in July 2026, down from N44.7 trillion in June 2026.
Similarly, “Currency outside Banks, CoB,” slipped by 2.08 percent to N4.8 trillion in July 2026 from N4.9 trillion in June 2026.
“Demand deposits” also decreased by 2.26 percent MoM to N38.9 trillion in July 2026 from N39.8 trillion in June 2026.
Conversely, “Quasi money” surged by 7.4 percent to N95.09 trillion in July 2026 from N88.5 trillion in June 2026.
