According to the Central Bank of Nigeria (CBN), credit for the importation of goods dropped by 62% in the first quarter of 2024 compared to the same period in 2023[1][2][3][4][5]. The total letter of credit payments made via official channels for Q1 2024 was $204.47 million, reflecting a shortfall of $344.75 million compared to Q1 2023, which recorded $549.22 million[5].
A breakdown of the payments shows that January 2024 recorded a significantly lower payment of $58.33 million, followed by an increase in February 2024 to $102.6 million, but still far below the corresponding month in 2023[5]. The trend continued in March 2024, with payments dropping to $43.54 million[5].
Citations:
[1] https://www.ripplesnigeria.com/letter-of-credit-for-importation-of-goods-dropped-by-344m-in-q1-2024-cbn/
[2] https://thisisradionow.com/credit-for-importation-of-goods-dropped-by-62-in-q1-2024-says-cbn/
[3] https://twitter.com/tv360nigeria/status/1795024406953291787
[4] https://www.linkedin.com/posts/tv360nigeriaonline_cbn-credit-for-importation-of-goods-dropped-activity-7200790130041782272-p1-D
[5] https://punchng.com/nigeria-import-activity-drops-in-q1-despite-fx-sales/