The Central Bank of Nigeria (CBN) said Nigeria recorded a trade deficit of $20 million last November. It said Nigeria’s balance of trade position has reversed from surplus to deficit in the month under review as against a surplus of $50 million in the previous month.
It said Nigeria’s balance of trade position has reversed from surplus to deficit in the month under review as against a surplus of $50 million in the previous month.
The report said: “Trade performance was weaker than expected as trade deficit was recorded, owing largely to lower crude oil export receipts. Provisional data shows that the trade balance swung into a deficit of $0.02 billion from a surplus of $0.05 billion in the preceding month.
Aggregate export receipts declined by 7.7 per cent to $4.33 billion from $4.69 billion in October. Similarly, merchandise imports declined by 6.2 per cent to $4.35 billion from $4.64 billion in October. Crude oil and gas export receipts declined to $3.90 billion from $4.30 billion in October. In terms of share in total exports, crude oil and gas accounted for 90.2 per cent.
