Letter of credit for importation of goods dropped by $344m in Q1 2024 —CBN

Letter of credit issued by banks for importation of goods fell to $204.47 million in the first quarter of 2024.

The banks reported $549.22 million for the same in first quarter of 2023.

This year’s figure represents a decrease of $344.7 million or 62.7 percent in the value of letter of credit over that of last year.

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