Foreign Trade via LC Payments in Nigeria Falls to $319.9m.
Nigeria’s foreign trade payments through Letters of Credit (LC) fell by 65% year-on-year to $319.9 million in the first seven months of 2024, down from $912.3 million in the same period in 2023. The Central Bank of Nigeria (CBN) reported a continuous decline in LC payments, reflecting reduced import activities due to rising customs duties, strict import regulations, and naira depreciation. Despite efforts to stabilize the naira, the exchange rate remains above N1,600 per dollar.
Nigeria, Letters of Credit, foreign exchange, importation, CBN, naira, economic indicators.
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