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HomeAfricaNigeria records 2 trillion Naira fall in first quarter trade

Nigeria records 2 trillion Naira fall in first quarter trade

Nigeria recorded a drop of 2.08 trillion Naira in total trade in the first quarter of 2013, representing a 29% drop from the 7.18 trillion figure in the last quarter of 2012, according to a newly-released report from the National Bureau of Statistics (NBS).

In the report, released Monday, the NBS blamed the fall on declining exports and rising imports.

It said the value of exports dropped by 41.4 per cent from 5.892 trillion in the fourth quarter of 2012 to 3.452 trillion in the first quarter of 2013 (US$1=155 Naira).

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