The Central Bank of Nigeria (CBN) has announced a $6.83 billion Balance of Payments surplus for 2024, reversing deficits recorded in the previous two years.
In a statement on Wednesday, the apex bank attributed the surplus to macroeconomic reforms, improved trade performance, and stronger investor confidence.
Key highlights include a $13.17 billion trade surplus, a 48.3% surge in gas exports, and $20.93 billion in personal remittances. Portfolio investments more than doubled to $13.35 billion, while foreign reserves rose by $6 billion to $40.19 billion.
Despite a 42.3% drop in FDI, the CBN said the overall outlook remains strong, citing improved data accuracy and the success of FX market reforms.
