Banks record N32.48trn transactions in Q1 – NBS

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NBS

By Kayode Tokede

The National Bureau of Statistics (NBS) has disclosed that banks recorded N32.48 trillion worth of transaction in the first quarter of 2018.

The Bureau in its ‘Selected Banking Sector Data’ during the weekend 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.

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