The declining value of economic transactions between Nigerians and the rest of the world in the first quarter has resulted in $11.18bn deficit in the first quarter of 2020.
A recent data released by the Central Bank of Nigeria revealed, indicating that Nigerians imported more goods, services and capital were exported in the first three months of 2020.
In the fourth quarter of 2019, the nation had reported a surplus of more than $6bn due to increased export activities.
Meanwhile, this has come at the time the country recorded accounts deficits for fifth consecutive quarters.
Interpreting the CBN first quarter trade data, Chapel Hill Denham, said the amount translated to 11.2 per cent of gross domestic product in the period.
Notably, the country recorded its fifth consecutive current account deficit of $4.88bn, lower than the $6.95bn deficit in the fourth quarter of 2019, but higher than the deficit of $2.72bn in Q1-2020.
The Q1-2020 current accounts deficit was induced by a negative balance of $439.91m, $7.78bn, $2.81m in the goods, services and income accounts respectively.