CBN: Nigeria Records Balance of Payment Surplus
Nigeria has recorded a balance of payment (BOP) surplus of $2.80million as at the fourth quarter of last year, according to the Central Bank of Nigeria (CBN) report.
Nigeria had recorded a deficit of $4.542 billion in the preceding quarter.
Experts say the BOP recorded during the fourth quarter means that Nigeria exported more than it imported during the period.
In its “Brief on Balance of Payments Statistics for Fourth Quarter 2018,” released Tuesday, Nigeria’s current account balance (CAB) improved with a surplus of $1.104 billion when compared with a deficit of $1.544 billion during the third quarter of 2018.
The CBN report showed $2.328 billion acquisition of financial assets in the fourth quarter as against a net incurrence of financial liabilities of $4.615 billion in the third quarter.
The report added that the surplus in the Goods Account rose to $6.794 billion in Q4 2018, from $3.760 billion surpluses in the preceding quarter and $5.473 billion recorded during the same period in 2017.
The report said Nigeria’s earnings from export increased by 2.8 per cent to $16.655 billion in Q4 2018, when compared with Q3 2018 figure.
The report also showed that earning from crude oil export increased by 2.1 per cent to $15.621 billion in Q4 2018 as against the figure in the Q3.
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