Banking industry’s total assets grew by N12.37tn – CBN

The Central Bank of Nigeria has said the banking industry’s total assets grew by N12.37 trillion between October 2021 and 2022.

The CBN revealed this in a statement on monetary policies.

A member of the Monetary Policy Committee, MPC, Adeola Adenikinju, said various Financial Soundness Indicators showed the banking systems remained safe, sound, and resilient.

Adenikinju added that it is imperative to fortify Nigeria’s economic base by de-risking the productive sector and diversification.

He said, “All measures of industry aggregates: assets, deposits, and credit rose year on year. Total assets of the banking industry grew by N12.37tn between end-October 2021 and 2022”.

CBN MPC meeting will be held on the 23rd and 24th of January 2023 to address challenges facing the country’s economy.

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