Use of Financial Services, Liabilities: Outstanding Deposits at Commercial Banks for Nigeria
NGAFCLODCXDC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
44,313,955,885,579.00
Year-over-Year Change
308.91%
Date Range
1/1/2004 - 1/1/2022
Summary
This economic trend measures the outstanding deposits held at commercial banks in Nigeria. It provides insights into the overall use of financial services and the level of liquidity in the Nigerian banking system.
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 outstanding deposits at commercial banks in Nigeria reflect the total value of funds held by individuals, businesses, and other entities in deposit accounts. This metric is closely watched by economists and policymakers as an indicator of financial intermediation and economic activity.
Methodology
The data is collected directly from commercial banks in Nigeria and aggregated by the Central Bank of Nigeria.
Historical Context
This trend is used to monitor the health of the Nigerian financial sector and to inform monetary policy decisions.
Key Facts
- Nigeria is Africa's largest economy.
- Commercial banks play a crucial role in Nigeria's financial system.
- Deposit levels reflect the public's confidence in the banking sector.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of outstanding deposits held at commercial banks in Nigeria. It provides insight into the level of financial intermediation and liquidity in the Nigerian banking system.
Q: Why is this trend relevant for users or analysts?
A: This trend is closely watched by economists and policymakers as an indicator of the health and stability of the Nigerian financial sector. It helps inform decisions about monetary policy and financial regulation.
Q: How is this data collected or calculated?
A: The data is collected directly from commercial banks in Nigeria and aggregated by the Central Bank of Nigeria.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to monitor the overall health of the Nigerian banking system and to inform decisions about monetary policy and financial sector regulation.
Q: Are there update delays or limitations?
A: The data is published regularly by the Central Bank of Nigeria, but there may be occasional delays in reporting or revisions to historical figures.
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Citation
U.S. Federal Reserve, Use of Financial Services, Liabilities: Outstanding Deposits at Commercial Banks for Nigeria (NGAFCLODCXDC), retrieved from FRED.