Bank deposits rose by N6.95trn between February 2019 and February 2020.
The Central Bank of Nigeria disclosed this in its report on some of the personal statements of members of the Monetary Policy Committee obtained by our correspondent on Thursday.
Part of the statement read: “There were moderate declines in returns on equity and returns on assets and a significant rise in the share of operating incomes in total interest incomes of Deposit Money Banks.
“All measures of bank size, total assets, credit and deposits significantly rose year-on-year. Over N4.56trillion additional credit was created in the last one year, N300billion in the last one month and N6.95trillion of additional deposits.”
The CBN also disclosed in its latest monthly economic report for January that broad money supply declined in January 2021 due to largely, the fall in net domestic assets of depository corporations, which more than offset the growth in net foreign assets.