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Drawings on letters of credit decline by 73.1% on CBN’s FX directives

… Forex outflow rise by 12.7% to US$2.67bn in August …Naira loses N1 against dollar

Foreign exchange drawings on Letters of Credit (LCs) declined by 73.1 percent to US$0.06 billion in August 2020 following the Central Bank of Nigeria (CBN) directive of discontinuation of third-party payments, using Form M. The CBN on August 24, 2020, directed all authorised dealers to desist from opening of Form M whose payment are routed…

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