To maintain their standard of living and ease inflationary pressures, Nigerians borrowed no less than N380 billion from financial institutions in January 2024, according to a recent report from the CBN.
Nigerians obtained a total value of personal loans that stood at N3.03 trillion, a 14.3 per cent increase from the N2.648 trillion obtained in December 2023, according to the report.
“Total consumer credit outstanding increased by 11.9 percent to N3.823 trillion in January 2024, driven, mainly, by the rise in personal loans on the back of heightened inflation,” the CBN report said.
