Banking Digest … banking news you can use 
Nigerian households are increasingly relying on personal loans as inflation erodes their purchasing power and living standards. The annual inflation rate hit 29.90% in January 2024, driven by Naira devaluation.
Personal loans surged by 11.9% to N3.82 trillion in January 2024 compared to January 2023, while Retail loans also increased by 3.6% to N794.79 billion.
These borrowing trends reflect Nigerians’ struggle with persistent inflation and declining purchasing power.
