The total value of Nigeria’s merchandise trade in Q2, 2016 was ₦3,942.0 billion. This was 49.0% more than the value of ₦2,645.5 billion recorded in the preceding quarter. This development arose from a rise of ₦725.6 billion or 63.3%, in the value of exports (largely due to exchange rate gains) combined with a rise of ₦570.8 billion or 38.1%, in the value of imports against the levels recorded in the preceding quarter. The current trade position brought the Country’s negative trade balance to - ₦196.5 billion during the period under review. This shows a ₦154.8 billion reduction in the country’s trade deficit over the previous quarter. 

Data source: National Bureau of Statistics

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