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Nigeria’s Trade Deficit with United States Expands to N1.63 Trillion Amid Export Decline
Nigeria's trade deficit with the United States surged to N1.63 trillion (approximately USD 1.83 billion) in the third quarter of 2023, driven by a substantial N365.6 billion drop in exports and a near-doubling of imports. This widening imbalance puts additional pressure on Nigeria's foreign exchange reserves and the stability of the naira.