Nigerians repay over N1tn in personal loans as consumer credit drops
Personal loan repayments by Nigerians reached about N1.33tn, leading to a significant reduction in household borrowing. Data from the Central Bank of Nigeria (CBN) shows a sharp decline in personal and consumer credit, with personal loans remaining the largest component. Olayemi Cardoso highlighted improvements in inflation and external reserves, while the CBN maintained a cautious monetary policy stance. Several key monetary policy decisions and inflation figures were detailed in the CBN’s latest report.
TLDR
- Nigerians repaid about N1.33tn in personal loans within one year as outstanding household borrowing dropped sharply between November 2024 and November 2025.
- Personal loan balances fell from N3.32tn in November 2024 to N1.99tn in November 2025, while total consumer credit dropped from N4.42tn to N3.19tn in the same period.
- The Monetary Policy Committee reduced the Monetary Policy Rate to 27 per cent in September 2025 and further to 26.5 per cent in February 2025.
- Olayemi Cardoso noted headline inflation eased to 15.10 per cent in January 2026 from 15.15 per cent in December 2025, with food inflation and core inflation also declining.
- Gross external reserves rose to $50.45bn as of February 16, 2026, the highest in 13 years, providing 9.68 months of import cover.
