Nigerian Banks Record Transactions Worth N32.48tr in Q1 2018

By Dipo Olowookere

Transactions worth N32.48 trillion were recorded by the banking sector in Nigeria in the first quarter of 2018.

This information was revealed by the National Bureau of Statistics (NBS) on Saturday in its report titled ‘Selected Banking Sector Data.’

The stats office said during the period under review, a total volume of 457,226,406 transactions were achieved by the banking sector.

According to the NBS, data harvested from the Electronic Payment Channels in the Nigeria Banking Sector revealed that Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded with 212,370,853 volume of ATM transactions valued at N1,568 billion were recorded in Q1 2018.

It explained that in terms of credit to private sector, the total value of credit allocated by the banking sector stood at N15.60 trillion as at Q1 2018.

Oil & Gas and Manufacturing sectors got credit allocation of N3.42 trillion and N2.07 trillion to record the highest credit allocation as at the period under review.

The report said as at Q1 2018, the total number of banks’ staffs decreased by 0.93 percent from 90,453 in Q4 2017 to 89,608.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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