Letters of Credit Hit ₦1.14Trn in 12 Months as Import Pressures Persist

By Sunday Michael Ogwu In the past 12 months, Nigeria processed over ₦1.14 trillion in letters of credit (LCs), according to data from the Central Bank of Nigeria (CBN). These instruments, often used to guarantee import payments, provide a clear lens into the country’s ongoing foreign exchange (FX) challenges and import dependency. Monthly LC volumes...