Thursday, July 29, 2021

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

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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.