Nigeria experienced a significant decrease in its foreign trade payments through Letters of Credit in 2024, with a 33.28% decline compared to the previous year. The total payments fell by $435.51 million, from $1.31 billion in 2023 to $873.1 million in 2024, despite an improved supply of foreign exchange.
Impact on Trade Dynamics
This reduction in foreign trade payments indicates a notable shift in Nigeria’s international trade dynamics. It holds potential implications for businesses and trade partners involved in the country’s import and export sectors. The development may affect Nigeria’s ability to fulfill its international trade commitments and could influence the broader economic landscape.
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