Banks’ Total Assets Rise 11.2% To N42tn

The total assets of banks rose to N42.2tn as of the end of February 2020. A member of the Monetary Policy Committee, Dr Rafindadi Sanusi, disclosed this in his presentation during the last MPC meeting of the Central Bank of Nigeria. He said, “Total assets of the industry have grown from N38.57tn in November 2019 to N42.89tn in February 2020.” 

The rise in the assets of the banks shows an increase of 11.2 per cent within a period of three months, between November 2019 and February 2020. Sanusi, an associate professor of economics at the Ahmadu Bello University Zaria, also spoke on other developments in the banking industry in his personal statement released by the apex bank on Wednesday. He said, “Review of the banking system stability report shows that the banking system continues to be stable and resilient.