The Central Bank of Nigeria (CBN) has revealed an increase in consumer credit, with personal loans and retail loans rising by 14.3% and 4%, respectively, in January 2024. CBN in a statement disclosed that the total consumer credit outstanding reached ₦3.823 billion in January 2024, indicating a 12% jump from the previous month. CBN said consumer credit jumped by 12 per cent to approximately ₦3.9bn in January 2024, riding on the back of majorly heightened inflation. The apex bank explained that a disaggregation of consumer credit revealed that personal loans increased by 14.3 per cent to N3,028bn from N2,649bn in
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