World Economy

Nigeria Trade Balance Weakens

Nigeria Trade Balance WeakensNigeria Trade Balance Weakens

Nigerian exports plunged in the third quarter from a year ago and imports also fell, the National Bureau of Statistics said, as currency controls introduced by the Central Bank of Nigeria this year to support the economy start to bite, Punch reported. The balance of trade in the third quarter was N645 billion ($3.2 billion), down from N2.87 trillion in the third quarter a year ago. Africa’s biggest economy relies on oil exports for about 58% of government revenue. But the price of crude has been falling, reaching its lowest in more than 11 years at the weekend.