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The National Bureau of Statistics (NBS) has released a new report stating that a total volume of 509,668,433 transactions in the Nigerian banking sector, valued at N32.90 trillion, were recorded in the second quarter of 2018.

The report, released on Monday, is entitled “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength for Q2 2018.” The total volume of transactions in Q2 is slightly higher than the Q1 volume of 457,226,406, valued at N32.48 trillion.

Automated Teller Machine (ATM) transactions dominated the volume of transactions with 217,417,961 ATM transactions worth N1,603 billion in Q2. Total value of credit allocated to the private sector stood at N15.34 trillion in the last quarter, down from the N15.60 trillion recorded in Q1.

According to the report, oil and gas, and manufacturing sectors received N3.45 trillion and N2.02 trillion, respectively, worth of credit compared with the N3.42 trillion and N2.07 trillion respectively recorded in Q1 2018.

These figures, however, represent the highest credit allocation as at the period under review, while the mining and quarrying industry received the lowest credit having received N10,176 million, representing 0.07 percent of total credit.

The total number of banks’ staff, increased by 13.67 percent, quarter-on-quarter, to 101,861 in Q2 from 89,608 recorded in Q1. The staff strength had decreased by 0.93 percent from 90,453 in Q4 2017 to 89,608 in Q1 2018.