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Nigeria Records $1.4bn Trade Deficit in August

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Even as the value of external trade increased by 12 per cent to $5.8 billion from $5.1 billion in July, Nigeria recorded $1.4 billion trade deficit in August 2020.

Meanwhile, the value of non-oil export declined by 11 percent to $32 million, owing to the closure of land borders by the government.

These were contained in the latest Monthly Economic Report for August 2020 released by the Central Bank of Nigeria, CBN.

On trade deficit, the report said:”A higher trade deficit of $1.39 billion was recorded in August 2020, compared with $0.88 billion in July 2020, on account of increased business activities amidst relaxation of restrictions imposed during the lockdown.

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Akinola
Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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