Nigeria's leading finance and market intelligence news report.

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…

Don’t miss another story

Become a BusinessDay Subscriber today.

For insights, facts, figures, and access to opportunities.
Options starting from N1000 Monthly
Already a subsriber?

Get real time updates directly on you device, subscribe now.

Comments are closed, but trackbacks and pingbacks are open.