Nigeria’s Letter of Credit payments in the first seven months of 2024 have dropped by 57.04% to $391.91m compared to $912.35m in the same period of 2023.
This is according to the weekly International Payments Data provided by the Central Bank of Nigeria on its website.
A Letter of Credit is a mode of payment used for the importation of visible goods.
It is a written undertaking given by s 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.
