Nigeria records $6.83bn balance of payments surplus in 2024- CBN
The Central Bank of Nigeria (CBN) Tuesday announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year.This is against the deficits of $3.34 billion recorded in 2023 and $3.32 billion in 2022.The CBN made the announcement in a statement signed by the Ag. Director, Corporate Communications, Sidi-Ali, Hakama.According to the apex bank, “This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy. Stronger Trade and External Account Performance“The current and capital account recorded a surplus of $17.22 billion in 2024, underpinned by a goods trade surplus of $13.17 billion. Petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports fell by 12.6% t...