Africa Business News

The Central Bank of Nigeria revealed that Nigeria’s Letter of Credit payments dropped by 57 per cent in the first seven months of 2024. The CBN’s weekly International Payments Data shows that the country’s Letter of Credit payments dropped to $391.91m from $912.35m within the same period in 2023. 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.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.