By Elizabeth Adegbesan  

Consumer credit fell, Month-on-Month, MoM, by 17.6 per cent to N3.5 trillion in October from N4.25 trillion at the end of September.

The Central Bank of Nigeria, CBN, disclosed this in its October Monthly which showed the N250 billion decline in consumer credit was driven by decline in both personal and retail loans.

The CBN said: “Consumer credit outstanding declined by 17.64 per cent to N3.5 trillion compared with N4.25 trillion at the end of the preceding month.  

“The decline in consumer credit followed the decline in personal and retail loans to N2.41 trillion (23.5 percent) and N1.09 trillion (0.91 percent), from N3.15 trillion and N1.1 trillion, respectively, in the preceding month. 

“However, Personal loans maintained its dominance, accounting for 68.95 per cent of total consumer credit, albeit lower than the 74.14 per cent in the preceding month, while retail loans constituted the balance.”  

However, Consumer credit rose year-on-year, YoY, by 6.06 percent