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Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics - Business - Nairaland

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Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by politicoNG: 9:13pm On May 26
Nigeria’s letter of credit payments have plummeted by 63% in the first quarter of 2024 compared to the same period in the previous year, according to the International payments data of the Central Bank of Nigeria (CBN).

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 of $549.22 million.

This significant decrease highlights the challenges the country faces in its international trade and financial transactions.

https://www.facebook.com/share/p/36aAaSQ3PWce3C98/?mibextid=oFDknk

3 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by callmevirus(m): 9:13am On May 27
Nothing concern me but E dey mind

5 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by AmericanIdiot(m): 9:14am On May 27
Nigeria we hail thee🇬🇧
Useless country
God is not here

8 Likes 2 Shares

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by Kukutente23: 9:14am On May 27
Wow. Is Nigeria starting to owe international investors again?

4 Likes 1 Share

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by 1bunne4lif(m): 9:14am On May 27
Ok, what's the price of garri, has this news brought cost down?

2 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by Always82: 9:15am On May 27
Who care

1 Like

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by dannyspeejay(m): 9:15am On May 27
Africa giant don turn to Agbado school

4 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by magoo10(m): 9:15am On May 27
A country that has a leader that cannot attract foreign investors .
If it is not imf loan it will be Africa development bank or world health organisation assistance or world bank loan,china loan ,European loan etc
Giant of Africa turned beger and ophan due to irresponsible leaders and to think they allocate billions to themselves for doing nothing.

15 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by CountinBlessins(m): 9:16am On May 27
Tinubu has killed the country .
Fūck him and every single Nairalander that reads this comment angry

5 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by ogolemati: 9:17am On May 27
politicoNG:


https://www.facebook.com/share/p/36aAaSQ3PWce3C98/?mibextid=oFDknk
grin grin grin grin grin grin grin the druggie assembled like minded crooks grin grin grin grin grin grin after this finish level,a better nigeria will come. grin grin grin grin grin grin grin dont expect any better thing from grab it and run with it ,na criminal pattern be that.all the agbero should help their chairman build nigeria as he built lagos from the sea.

15 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by Ezekiel2122(m): 9:17am On May 27
Fp
Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by SpecialAdviser(m): 9:17am On May 27
Keep quiet until I finish Nigeria patapata

13 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by BigDawsNet: 9:17am On May 27
Investors are running away and changing course… that’s not good for our economy Mr President 😒

6 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by Emeskhalifa(m): 9:19am On May 27
Talk to us in Layman's term.

Are they talking about loan individuals collected from banks and loan apps or they are talking about the loan they collected from China and IMF?
Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by ElevationD: 9:19am On May 27
Kukutente23:
Wow. Is Nigeria starting to owe international investors again?

No.
Nigerians are not able to finance their imports, with the dollar challenges. It’s a sign of the problems at home.

4 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by malali: 9:19am On May 27
Why doesn't the government allow more private investors to set up refineries? We have many small-scale refineries costing between $30-50 million. Even if we don't export, they could meet local demand.

It could boost crude oil production if we license one in every state. We have fewer working refineries compared to crude oil production, unlike countries like Singapore, which don't produce oil but export refined products, contributing to 5-15% of their GDP.

Why not issue more refining licenses? Give one to each region, even the poorer northern states. This could create revenue and jobs locally.

Every region should have a refinery license to produce something valuable for the whole country. Instead of giving oil licenses to individuals, why not invest in the whole state's economy?

It's not fair to ask a whole state to farm when oil can bring in more revenue. Let's share the wealth more equitably and develop our nation together.

1 Like

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by strangest(m): 9:19am On May 27
Let the paid online miscreants come and defend Tulubu, our first class accountant....

3 Likes 1 Share

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by id4sho(m): 9:19am On May 27
Tinubu Omen angry

Jagaban fix your economic policies Abeg cry

1 Like

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by oshiokpu(m): 9:20am On May 27
This is expected since Trading activities have plummeted drastically because of high interest rates. Only people who are desperate can afford to take credit for Trade/Manufacturing at the current rates the banks are offering!

4 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by illuminutty: 9:21am On May 27
What Tinibu and APC cannot destroy does not exist.

1 Like

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by verygoodguy: 9:23am On May 27
Exchange rate na your mate
Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by dustydee: 9:28am On May 27
Good news. This means imports have reduced?

1 Like

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by slowice(m): 9:33am On May 27
dustydee:
Good news. This means imports have reduced?


You must be a bigoted teen grin

2 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by seunlayi(m): 9:37am On May 27
Apc
Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by rhythyson: 9:38am On May 27
Omo so things are so bad in this country that we now write letters ordinary letters on credit? grin grin grin grin grin grin

make we laugh small make depression no hammer person jare

It is well
Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by seunlayi(m): 9:39am On May 27
Economy does not obey orders, not even military orders. I know that. If we get it right, in two years, we will begin to see the light beyond the tunnel. It requires a change of characteristics, attributes and attitude by the leadership at all levels to gain the confidence and trust of investors who have alternatives

“Total Energy has gone to invest 6 billion dollars in Angola instead of Nigeria. If the truth must be stated, the present Administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in.

“They know us more than we know ourselves. And now they are laughing at us, not taking us seriously. We have to present ourselves in such a way that we will be taken seriously. If the existing investors are disinvesting and going out of our country, how do we persuade new investors to rush in. We can be serious if we choose to be but we need to change from transactional leadership in government to transformational and genuine servant leadership,” OBJ said.

3 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by MT: 9:42am On May 27

1 Like

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by Blaze14k: 9:42am On May 27
dannyspeejay:
Africa giant don turn to Agbado school

They love to rule with propaganda.

2 Likes

Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by reiddecuti: 9:46am On May 27
Corn3 don tia patapata...
Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by ziragoldd(m): 9:54am On May 27
Giant of Africa
Re: Nigeria’s Letter Of Credit Payments Fall By 63% In Q1 2024 - Nairametrics by Kukutente23: 9:54am On May 27
CountinBlessins:
Tinubu has killed the country .
Fūck him and every single Nairalander that reads this comment angry
Fvck you too for writing the fvcking comment

3 Likes

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