Nigeria’s letter of credit payments have plummeted by 63% in the first quarter of 2024 compared to the same period in the previous year, according to the International payments data of the Central Bank of Nigeria (CBN).
The total letter of credit payments made via official channels for Q1 2024 was $204.47 million, reflecting a shortfall of $344.75 million compared to Q1 2023 of $549.22 million.
This significant decrease highlights the challenges the country faces in its international trade and financial transactions.
