Abuja – The Central Bank of Nigeria (CBN) has announced that foreign trade payments through Letters of Credit (LCs) rose to $267.96 million, reflecting a 4.4 percent increase compared to the same period last year.
The increase signals growing confidence in Nigeria’s external trade sector, supported by improvements in foreign reserves and ongoing economic reforms. Letters of Credit remain a vital instrument in facilitating international trade by guaranteeing payment between importers and exporters.
However, the CBN noted some volatility in monthly LC payments during the first four months of 2025, with February and April showing increases, while March experienced a decline. The figures recorded were $64.55 million in January, $95.6 million in February, $43.53 million in March, and $64.3 million in April.
The bank’s efforts to stabilise the naira and enhance foreign exchange liquidity are expected to sustain positive momentum in foreign trade transactions going forward.
