By Benjamin Umuteme
Abuja
The National Bureau of Statistics (NBS) in another report posted on its website says a total of N15.83 trillion was allocated by the banks to the private sector as credit in the third quarter.
According to the statistics bureau in its “Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels, Deposits and Domestic Credit Breakdown and Staff Strength’’ report, 213.69 million transactions valued at N19.33 trillion were recorded in the third quarter as data on Electronic Payment Channels in the banking sector.
The bureau stated that the Nigeria Inter-bank Settlement System (NIBSS) Instant Payment (NIP) transactions dominated the volume of transactions recorded in the quarter.
It stated that 97.53 volumes of NIP transactions valued at N13.96 billion were recorded in the quarter under review.
Oil and Gas and Manufacturing sectors recorded the highest credit allocation in Q3 with N3.54 trillion and N2.27 trillion respectively.
Also, the number of banks’ staff increased from 75, 607 in the second quarter to 82,531 in the third quarter, the report noted.
