Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Nigeria
NGAFCLODCGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
21.90
Year-over-Year Change
10.35%
Date Range
1/1/2004 - 1/1/2022
Summary
This economic indicator measures the level of outstanding deposits with commercial banks in Nigeria as a percentage of the country's gross domestic product (GDP). It provides insights into the use and growth of financial services in the Nigerian economy.
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
The Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Nigeria tracks the value of deposits held by individuals and businesses in commercial banks relative to the overall size of the Nigerian economy. This metric is used to assess financial inclusion and the development of the banking sector.
Methodology
The data is collected and calculated by the Central Bank of Nigeria.
Historical Context
Policymakers and economists analyze this trend to understand the depth and penetration of the Nigerian financial system.
Key Facts
- Nigeria's outstanding bank deposits were 25.6% of GDP in 2020.
- This indicator has grown from 15.8% in 2010 to 25.6% in 2020.
- Increased financial inclusion is a key policy goal for the Nigerian government.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the value of outstanding deposits held by individuals and businesses in commercial banks in Nigeria as a percentage of the country's gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the depth and penetration of the Nigerian financial system, which is crucial for assessing financial inclusion and the development of the banking sector in the country.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Central Bank of Nigeria.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to understand the growth and accessibility of financial services, which is a key policy goal for the Nigerian government.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may not capture the most recent economic conditions in Nigeria.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Nigeria (NGAFCLODCGGDPPT), retrieved from FRED.