Credit to private sector slowed by N180 billion to N22.44 trillion in March, according to the CBN Depository Corporation Survey.
The difference translates to a 0.78% decrease, as compared to N22.62 trillion recorded by the sector in February.
There was also a drop in credit to government in the month of March to N3.83 trillion, which the survey attributed to the decline in domestic borrowing by the government.
According to the CBN, the survey for the month of March, money rose month-on-month by 1.184% to N24.30 trillion thanks to an 8.49% month-on-month increase in Net Foreign Assets (NFA) to 15.62 trillion. that increase offset a 9.76% month-on-month decrease in Net Domestic Assets (NDA), which fell to N8.68 trillion.
The growth in NFA can be attributed to rising oil revenue, which boosts external reserves. However the decrease in NDA resulted from a 2.39% decline in Net Domestic Credit to N26.27trillion, added to a 1.71% month-on-month increase in other liabilities to N17.58 trillion for the month of March.
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