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Credit score for Importation of Items Dropped by 62% in Q1 2024 – CBN
Nigeria recorded $204.47 million as letters of credit score funds within the first quarter (Q1) of 2024.
In line with the worldwide funds information obtained from the Central Financial institution of Nigeria (CBN) on Sunday, the determine recorded in Q1 represents a lower of $344.75 million or 62.7 p.c in comparison with the $549.22 million reported in the identical quarter in 2023.
A letter of credit score is a written enterprise given by a financial institution on the request of its buyer (applicant) for the importation of seen items.
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Such transaction obligates the financial institution itself to pay the exporter (vendor/beneficiary) as much as a acknowledged quantity inside a prescribed time-frame upon presentation of stipulated paperwork that conform to the phrases and situations of the documentary credit score.
The info confirmed letters of credit score fee stood at $58.33 million in January, in comparison with $107.78 million in the identical month final 12 months.
In February, the worth was $102.6 million relative to $171.95 million within the corresponding interval of the earlier 12 months.
In line with CBN, the determine fell to $43.54 million in March, in comparison with the $269.49 million reported in March 2023.
The info confirmed a big lower in Nigeria’s worldwide commerce and monetary transactions.
