Number of Bank Accounts for Nigeria
DDAI01NGA642NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,310.39
Year-over-Year Change
320.19%
Date Range
1/1/2007 - 1/1/2020
Summary
The 'Number of Bank Accounts for Nigeria' trend measures the total number of bank accounts held by individuals and businesses in Nigeria. This metric is important for economists and policymakers to understand the level of financial inclusion and access to banking services in the country.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series represents the total number of bank accounts, including both personal and business accounts, that are active in Nigeria. It provides insight into the overall banking penetration and utilization within the Nigerian economy.
Methodology
The data is collected by the World Bank through surveys and reports from national central banking authorities.
Historical Context
This trend is used to assess financial sector development and guide policies aimed at increasing access to banking services.
Key Facts
- Nigeria had over 56 million bank accounts as of the latest data.
- The number of bank accounts in Nigeria has grown by over 50% in the past decade.
- Only about 40% of the Nigerian adult population currently has a bank account.
FAQs
Q: What does this economic trend measure?
A: The 'Number of Bank Accounts for Nigeria' metric tracks the total number of active bank accounts held by individuals and businesses in the country.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the level of financial inclusion and access to banking services in Nigeria, which is an important indicator of economic development.
Q: How is this data collected or calculated?
A: The data is collected by the World Bank through surveys and reports from Nigeria's central banking authorities.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the progress of financial sector development initiatives and guide policies aimed at increasing access to banking services.
Q: Are there update delays or limitations?
A: The data is updated annually, and there may be some lags in reporting from local sources.
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Citation
U.S. Federal Reserve, Number of Bank Accounts for Nigeria (DDAI01NGA642NWDB), retrieved from FRED.