Personal loans owed by Nigerians to commercial banks fell from N7.52 trillion in the first quarter of 2024 to N3.47 trillion in the second quarter of the year as Nigerians continue to face high interest rates on their debts.
This is according to the latest CBN’s quarterly economic report for Q2 2024, which was obtained by Nairametrics.
According to the report, personal loan balances dropped from N7.52 trillion in the first quarter to N3.47 trillion in the second quarter, marking a 53.9% decrease.
This is in sharp contrast to the N5.49 trillion added in the first quarter of 2024.
- While the central bank report did not explain the reason for the decline, the data points to a likely repayment of the loans by Nigerians as Nigerians continue to grapple with higher interest rates following the apex bank’s hawkish monetary policy. Decrease in consumer credit
- This is reflected in the overall drop in consumer credit outstanding by 42.6% to N4.73 trillion in Q2 2024.
- Personal loans accounted…