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Izy OKU
1 week ago
Overview
CBN Announces $6.83 Billion Surplus For 2024 Financial Year
The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, signaling a strong recovery from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
The announcement was made in a statement signed by the Acting Director of Corporate Communications, Sidi-Ali Hakama.
The apex bank said, “This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.”
In 2024, the current and capital account recorded a surplus of $17.22 billion, supported 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% to $25.74 billion. On the export side, gas exports surged by 48.3% to $8.66 billion, and non-oil exports rose by 24.6% to $7.46 billion.
https://www.thenigerianvoice.com/news/349327/cbn-announces-683bn-balance-of-payments-surplus-in-2024-fo.html
