The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
Although letter of credit payments of USD 841.21 million for the first half of 2023 were 12.3% higher than the USD 749.25 million amount for January-June 2022 period last year, LC payments of USD 291.1 million in second quarter 2023 fell precipitously (47%) from USD 549.22 million achieved in 1Q23, according to Central Bank of Nigeria data.
Reports indicate that analysts attribute the decline in LC payments over 2Q23 to Nigeria’s diminished external reserves was caused by weak crude oil output and inadequate foreign exchange inflows.
