Nigerians borrowed N3.82tn from banks in January 2024 amid rising inflation, with personal loans increasing by 14.3%.

Nigerians borrowed N3.82tn from banks in January 2024 amid rising inflation and economic challenges, according to the Central Bank of Nigeria's monthly Economic report. The total consumer credit rose 11.9% to N3.82tn from N2.648tn in December 2023. Personal loans increased by 14.3% to N3.028tn, accounting for 79.2% of consumer credit, while retail loans rose by 3.6% to N794.79bn.