• About
  • Advertise
  • Careers
  • Contact Us
Wednesday, June 18, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Mobility
    • Environment
    • Travel
    • StartUPs
  • Economy
  • TECHECONOMY TV
  • TBS
  • About Us
  • Contact Us
  • Telecoms
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Mobility
    • Environment
    • Travel
    • StartUPs
  • Economy
  • TECHECONOMY TV
  • TBS
  • About Us
  • Contact Us
  • Telecoms
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Finance

Nigeria’s Foreign Trade Payments Crash by 57% 

by Adetunji Tobi
September 2, 2024
in Finance
1
FDI
Wale Edun, Nigeria's Minister of Finance.

Wale Edun, Nigeria's Minister of Finance.

UBA
Advertisements

The official statistics released by Central Bank of Nigeria (CBN), has indicated that Nigeria’s letter of Credit by 57% in the first seven months of 2024.

These payments were made for the importation of visible goods, and the country’s Letter of Credit payments fell to $391.91m from $912.35m in the same period in 2023, according to the CBN’s weekly International Payments Data published on its website

It is a written undertaking given by a bank (issuing bank) at the request of its customer in which the bank promises in writing to pay the exporter a certain sum within a certain time frame in return for goods, as long as the customer provides the bank with the proper paperwork.

In the period under review, the country’s LCs payment shed about $520.44m. An analysis of the CBN data showed that the highest LC payments this year were recorded in February at $102.59m, followed by July at $79.65m and $58.33m in January.

In March, LCs payments stood at $43.53m compared to $269m in the same month in 2023, rose to $54.02m in April 2024 and dropped to $21.48m in May before rising to $32.26m in June.

The development comes following the sale of about $122.67m to 46 authorised dealers by the CBN, in its determination to promote stability and reduce market volatility in the foreign exchange market.

A statement signed by the Bank’s Director in charge of Financial Markets, Dr. Omolara Duke, disclosed that of the total sale, $67,500m was sold to 27 dealers, while the sum of US$2.5m was bought from one authorised dealer on July 10, 2024.

The range of the bid for the July 10, 2024 sales was ₦1,480.0/US$- ₦1,500.0/US$, while the value date for the payments, going by the settlement cycle of two days, is July 12, 2024.

Similarly, on July 11, 2024, the sum of $55,171m was sold to 19 authorised dealers at ₦1,540.0/US$, and no FX was purchased. The value date for the payments of the spot sale is July 15, 2024.

Loading

Advertisements
MTN ADS

Author

  • Adetunji Tobi
    Adetunji Tobi

    Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

    View all posts
0Shares
Tags: CBN
Adetunji Tobi

Adetunji Tobi

Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

Next Post
Apple, Airtel Collaborate to Challenge Spotify, Disney in India

Apple, Airtel Collaborate to Challenge Spotify, Disney in India

Comments 1

  1. Pingback: ChitChat Introduces Virtual Mastercard Debit Card Powered by Paymentology

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Tinubu Appoints New Consumer Credit

Tinubu Appoints New Consumer Credit Corporation Board

12 months ago

The Essence of Digital Gift Cards

3 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2017 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Mobility
      • Environment
      • Travel
      • StartUPs
    • Economy
    • TECHECONOMY TV
    • TBS
    • About Us
    • Contact Us

    © 2017 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.