Nigeria’s fulfilment of foreign trade transactions through Letters of Credit rose by 3.68 per cent year-on-year to $267.96m in the first four months of 2025, up from $258.46m in the corresponding period of 2024.
This was disclosed by the Central Bank of Nigeria in its International Payments Data published on its website on Sunday.
However, a Letter of Credit is a written commitment issued by a bank on behalf of an importer, guaranteeing payment to an exporter once shipment and proper documentation are confirmed. It is commonly used in the importation of visible goods.
FOREIGN TRADE PAYMENT RISES TO $267.96M – CBN
