Nigerians resort to loans as survival strategy amidst inflation

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 inThe post Nigerians resort to loans as survival strategy amidst inflation appeared first on Guardian Nigeria News.
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