Bank deposits in Nigeria increased by N6.92 trillion from N36.13 trillion at the end of October 2021 to N43.05 trillion in the same period of 2022. This was stated in the members of the Monetary Policy Committee of the Central Bank of Nigeria’s personal statements. “Despite being lower, at 13.4%, industry capital adequacy was higher than the prudential minimum of 10%.
However, a sharp increase in domestic claims against the private sector and the government has raised annualized growth of the major monetary aggregate just above the benchmark for fiscal 2022, emphasizing the monetary component of the forces driving inflationary pressure.
Robert Asogwa, a member of the MPC, claimed that despite observed stock market volatility in November, the domestic financial sector remained resilient. The above addition is particularly intriguing, N1tn in total industry deposits between September and October 2022. Of marginal concern, is the consistent decline in the capital adequacy ratio of the banks between June and October 2022, but this is attributed to increases in total risk-weighted assets, which for some time has been higher than the total qualifying capital”.
