Thursday, July 29, 2021

Banks’ total assets rise by N6.97tn in one year



The Central Bank of Nigeria says the total assets in the banking sector rose by N6.97tn between April 2020 and April 2021.

Despite the effect of the COVID-19 pandemic, the assets rose from N46.2tn to N53.17tn between April 2020 and April 2021.

The CBN said financial market conditions during the review period were subpar, with a bearish stock market, tepid liquidity in the money market, and lingering exchange market pressure.

It said weighted average inter-bank call and open buy-back rates rose from 1.8 per cent and 1.5 per cent, respectively, in March 2021 to 15.3 per cent and 14.6 per cent in April.