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Nigeria’s Letter of Credit Payments Plunge by 57% in First Seven Months of 2024 Amid Forex Crisis
Nigeria’s Letter of Credit Payments Plunge by 57% in First Seven Months of 2024 Amid Forex Crisis....KINDLY READ THE FULL STORY HERE▶
Nigeria’s Letter of Credit (LC) payments witnessed a significant drop of 57.04% in the first seven months of 2024, amounting to $391.91 million compared to $912.35 million during the same period in 2023. This sharp decline was highlighted in the Central Bank of Nigeria’s (CBN) weekly International Payments Data.
A Letter of Credit is a crucial payment method used in the importation of goods, involving a bank’s written commitment to pay the exporter within a specified time once the importer provides the necessary documents.
The $520.44 million reduction in LC payments has been attributed to several challenges, including the exit of multinational companies, soaring customs duties, and a volatile foreign exchange (FX) market, all of which have severely impacted Nigeria’s foreign trade.
A detailed analysis of the CBN data reveals that February 2024 recorded the highest LC payments at $102.59 million, followed by July with $79.65 million, and January with $58.33 million. Payments fluctuated throughout the period, dropping to as low as $21.48 million in May before slightly rebounding to $32.26 million in June.
Tunde Amolegbe, Managing Director of Arthur Steven Asset Management Limited, noted that this decline was anticipated due to the unstable exchange rate, high customs clearing charges, and the departure of major international companies from Nigeria. He suggested that the situation might improve slightly, thanks to recent tax waivers for essential food imports. “Stability in the FX market, along with a lower interest rate and a harmonized tax regime, should also help,” Amolegbe added.
The naira’s devaluation by approximately 70% since May 2023, following President Bola Tinubu’s assumption of office, has exacerbated the situation. Despite efforts by the CBN to enhance liquidity, the results have been limited. Tajudeen Ibrahim, Director of Research and Strategy at Chapel Hill Denham, pointed out that some Nigerian businesses have started paying down their LCs, which could signal a slight improvement in dollar liquidity within the financial system. He mentioned that companies like MTN have cleared about $300 million in LCs to mitigate the negative impact on their earnings and balance sheets.
Rotimi Fakayejo, an economy and capital market analyst, emphasized that inconsistent FX availability has played a significant role in the decline of LC payments. He highlighted the challenges importers face due to the fluctuating supply from the CBN and the increasing difficulty of selling imported goods in a less favorable market. Fakayejo also pointed out the reduction in vehicle imports, driven by rising customs duties tied to the foreign exchange rate.
Fakayejo further commented on the exit of multinationals from Nigeria’s manufacturing and oil & gas sectors, suggesting that the slowdown in LCs could have a silver lining. He projected that local production might increase, reducing the country’s reliance on imports and potentially improving the overall economy. “With the expected production from local refineries like Dangote’s, we may see better dollar availability and improved LC accessibility from banks,” he stated.
Investment Banker and stockbroker Tajudeen Olayinka offered another perspective, suggesting that the slowdown in LCs might be due to reduced demand for imports, driven by the high cost of goods and consumer resistance. He also noted that importers might be exploring other credit options, although the likelihood of this is low given the poor credit ratings of local importers.
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Lyon Win Five-Goal Thriller Against Crystal Palace As Sunderland Strike Late [Europa League Full Results].
Lyon took the lead in the 10th minute when Corentin Tolisso reacted quickly to a loose ball following a corner kick.....KINDLY READ THE FULL STORY HERE▶
The French side extended their advantage in first-half stoppage time, with Ernest Nuamah finishing off Keito Nakamura’s cross after an impressive attacking move.
Crystal Palace reduced the deficit shortly after the restart through Yeremy Pino, who converted a well-executed set-piece routine.
However, Lyon restored their two-goal advantage when Pavel Sulc scored with a close-range flick.
Daichi Kamada brought Palace back into contention with nine minutes remaining, but Lyon defended their lead to secure their second consecutive victory in the league phase.
Sunderland Snatch Dramatic Late Victory
Sunderland produced a late comeback to defeat Torreense 2-1 in Portugal, with Noah Sadiki scoring the decisive goal in the 93rd minute.
The hosts took the lead in the 37th minute after Volnei Feltes beat his marker before unleashing a long-range effort beyond Sunderland goalkeeper Robin Roefs.
Sunderland manager Regis Le Bris responded by introducing Granit Xhaka and Enzo Le Fee shortly before the hour mark, helping his side regain control of the contest.
Jules Ahoka subsequently equalised for the visitors before Sadiki struck deep into stoppage time to complete the comeback.
The closing stages were marked by a lengthy VAR review that ultimately denied Sunderland a late penalty, but the visitors still left Portugal with all three points.
Leverkusen, AC Milan Record Convincing Wins
Bayer Leverkusen moved to the top of the standings after defeating Lech Poznan 4-0.
Patrik Schick scored twice from the penalty spot in the first half, while Malik Tillman also found the net before the interval. Ibrahim Maza completed the scoring late in the game.
AC Milan recorded an identical scoreline away against Salzburg, with teenage forward Alphadjo Cisse netting a hat-trick. Goncalo Ramos added the fourth goal in the 72nd minute.
However, Filippo Terracciano’s red card took some shine off Milan’s emphatic victory.
Other Europa League Results
Elsewhere, Bournemouth defeated Sturm Graz 3-0, while Juventus claimed a 2-1 away victory over Celta Vigo. Olympiacos also secured a narrow 1-0 win against Marseille.
Real Sociedad were held to a 1-1 draw by Union Saint-Gilloise, while Dinamo Zagreb defeated Anderlecht 1-0.
Benfica cruised to a 4-1 victory over Celtic, AZ Alkmaar beat Hapoel Be’er Sheva 2-1, and Besiktas edged Hoffenheim 3-2 away from home.
Other results saw Celje lose 0-3 to Omonia, Ferencvaros defeat Plzen 2-1, Jagiellonia beat Ararat-Armenia 3-1, and Nijmegen draw 1-1 with Levski Sofia.
2026/2027 Europa League Matchday 2 Results
- AZ Alkmaar 2-1 Hapoel Be’er Sheva
- Celje 0-3 Omonia
- Lech Poznan 0-4 Bayer Leverkusen
- Lyon 3-2 Crystal Palace
- Union Saint-Gilloise 1-1 Real Sociedad
- Salzburg 0-4 AC Milan
- Sparta Prague 1-1 Lillestrom
- Torreense 1-2 Sunderland
- Benfica 4-1 Celtic
- Bournemouth 3-0 Sturm Graz
- Celta Vigo 1-2 Juventus
- Dinamo Zagreb 1-0 Anderlecht
- Ferencvaros 2-1 Plzen
- Hoffenheim 2-3 Besiktas
- Jagiellonia 3-1 Ararat-Armenia
- Marseille 0-1 Olympiacos
- Nijmegen 1-1 Levski Sofia
The All Progressives Congress (APC) has proposed a schedule for President Bola Tinubu’s campaign rallies across 12 states ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
According to the proposed timetable, the campaign is expected to commence in Kaduna State on October 24, 2026, and conclude with a grand rally in Lagos State on January 9, 2027.
reports that the planned rallies will cover Nigeria’s six geopolitical zones, with Tinubu scheduled to attend campaign events in 12 locations across the country.
Other proposed destinations include Port Harcourt, Jos, Ibadan, Maiduguri, Enugu, Bauchi, Sokoto, Asaba, Kano and Yola.
Full List of Proposed Campaign Dates and Locations
The proposed timetable outlines the following dates and venues for Tinubu’s campaign appearances:
- Kaduna, Kaduna State – Saturday, October 24, 2026
- Port Harcourt, Rivers State – Saturday, November 7, 2026
- Jos, Plateau State – Saturday, November 14, 2026
- Ibadan, Oyo State – Saturday, November 21, 2026
- Maiduguri, Borno State – Wednesday, November 25, 2026
- Enugu, Enugu State – Saturday, November 28, 2026
- Bauchi, Bauchi State – Sunday, November 29, 2026
- Sokoto, Sokoto State – Friday, December 4, 2026
- Asaba, Delta State – Saturday, December 12, 2026
- Kano, Kano State – Thursday, December 17, 2026
- Yola, Adamawa State – Monday, January 4, 2027
- Lagos, Lagos State – Saturday, January 9, 2027
Momodu Questions Tinubu’s Commitment to Free and Fair Elections
Meanwhile, a chieftain of the African Democratic Congress (ADC), Dele Momodu, has expressed doubts about President Tinubu’s commitment to conducting free and fair elections in 2027, claiming that even some of the President’s supporters harbour similar concerns.
reports that the veteran journalist made the remarks during an interview on Arise News’ Prime Time programme.
Momodu alleged that some Nigerians fear Tinubu might be unwilling to relinquish power if he loses the next presidential election.
He, however, insisted that Nigerians would resist any attempt by the President to remain in office after an electoral defeat.
The ADC chieftain further claimed that some governors elected on the APC platform, alongside judges and legislators, were apprehensive about the possible outcome of the 2027 elections.
Speaking during the interview, Momodu said many Nigerians would question whether Tinubu could be trusted to oversee a credible and transparent electoral process.
He argued that some supporters of the President were confident of victory but, according to him, struggled to explain the basis for their optimism beyond their belief in Tinubu’s political influence.
Momodu also maintained that his confidence in the opposition’s efforts was not based solely on his party, but on what he described as the growing determination of ordinary Nigerians who do not want Tinubu to secure another term.
He recalled Tinubu’s political struggle to win a second term as governor of Lagos State, suggesting that opposition figures were also working behind the scenes to challenge his bid for re-election as President.
The ADC chieftain added that some political figures who publicly support Tinubu were allegedly concerned about the current political climate but were reluctant to express their reservations openly.
He concluded by describing the President’s position within the political establishment as one that many were unwilling to challenge directly.
Momodu’s remarks reflect his personal assessment of the political atmosphere ahead of the 2027 elections and his criticism of the Tinubu administration.
A 15-member delegation from the Confederation of African Football (CAF) is expected to arrive in Nigeria on Friday, October 16, to conduct a final inspection of facilities ahead of the 48th CAF Ordinary General Assembly and the 2026 CAF Awards.....KINDLY READ THE FULL STORY HERE▶
The delegation, led by CAF Head of Safety and Security, Dr Christian Emeruwa, will assess venues and related arrangements in Lagos and Abuja to ensure they meet the standards required for hosting the two major continental events.
During their visit to Lagos, the CAF officials will inspect the Wole Soyinka Centre for Culture and Creative Arts, Eko Hotel and Suites, and Murtala Muhammed International Airport. They are also scheduled to meet with representatives of the Lagos State Government.
The team will then proceed to Abuja, where it will assess the Bola Ahmed Tinubu International Conference Centre, Transcorp Hilton Hotel, and Nnamdi Azikiwe International Airport.
The delegation is also expected to pay courtesy visits to the Chairman and Director-General of the National Sports Commission.
A six-member delegation from the Nigeria Football Federation (NFF), led by Dr Ademola Olajire, will accompany the CAF officials throughout the inspection exercise.
The visit follows an earlier assessment conducted between July 31 and August 4, during which initial operational agreements were established.
The final inspection will focus on verifying the readiness of the venues, security provisions and logistical arrangements to ensure the successful hosting of both events.
The 48th CAF Ordinary General Assembly is scheduled to hold on Saturday, November 21, at the Bola Ahmed Tinubu International Conference Centre in Abuja.
Meanwhile, the 2026 CAF Awards ceremony is slated for Monday, December 7, at the Wole Soyinka Centre for Culture and Creative Arts in Lagos.
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