The balance of payments position recorded a significant improvement…
THE NATION
The Central Bank of Nigeria (CBN) has reported a $6.83 billion surplus in the country’s balance of payments for the 2024 fiscal year, signaling improved performance in Nigeria’s external sector. The surplus reflects a turnaround from previous years of deficits and is attributed to increased oil exports, diaspora remittances, and enhanced foreign investment inflows.
According to the CBN, “the balance of payments position recorded a significant improvement due to strong current account performance and sustained capital inflows.”
The apex bank noted that the positive trend was supported by tighter monetary policies, reforms in the foreign exchange market, and a more stable naira environment. Analysts say the surplus could help strengthen Nigeria’s foreign reserves and reduce pressure on the exchange rate.