…Reaffirms commitment to nation’s economic stability
From Jude Chinedu, Enugu
The Central Bank of Nigeria (CBN) has announced a notable balance of payment surplus of $6.83 billion at the end of 2024, signaling a positive shift in the nation’s economic trajectory.
This announcement was made during the Bank’s Special Day at the ongoing 36th Enugu International Trade Fair yesterday.
Speaking at the event, the Acting Director, Corporate Communications Department of the CBN, Hakama Ali, said the surplus marks a significant departure from the deficits of $3.34 billion in 2023 and $3.32 billion in 2022, attributing the turnaround to recent reforms by the apex bank and government.
“This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
“It is a clear signal of economic resurgence and a decisive turnaround from the negative trends of previous years,” she said.
Ali noted that the CBN remains committed to strengthening Nigeria’s industrial base, especially through support for Small and Medium Enterprises (SMEs), which she described as “the engine of growth in any economy.”
According to her, the CBN will continue to implement policies that stimulate productivity, enhance inclusiveness, and support industrial development.
“Our goal is to ensure that Nigeria’s domestic industries are competitive and shielded from external shocks,” she said.
On the state of the Nigerian financial system, she said the Bank is closely monitoring the ongoing recapitalisation of commercial banks, adding, “We are ensuring that the process results in the injection of quality capital into the banking sector. Our financial system must remain robust and resilient.”
Touching on the foreign exchange market, she explained that “the stability we are witnessing is the result of deliberate efforts to harmonize policy measures and enhance transparency in the FX market.”
She also emphasized the global recognition of Nigeria’s payment infrastructure, saying, “Our payment systems have accelerated the financial inclusion drive and broadened access to financial services. Nigerians can now transact seamlessly across various platforms.”
Making an appeal for responsible handling of the national currency, Ali said: “We urge Nigerians to treat the Naira with dignity. Do not spray, hawk, mutilate or counterfeit the currency. It is our national symbol and must be respected.”
In his remarks, President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Sir Odeiga Jideonwo, lauded the CBN’s return to the trade fair platform after a two-year absence.
“We are delighted that the Central Bank of Nigeria has returned to this critical public engagement platform,” he said. “The suspension of participation since 2023 created a communication gap. Today’s event signals a new era of openness and public interaction.”
Jideonwo also commended the CBN Governor, Mr. Olayemi Cardoso, and his team for reactivating the bank’s trade fair engagements. “This decision is pragmatic and commendable. It will help demystify the ‘cult’ perception of the Bank’s operations and bring it closer to the people,” he said.
While expressing concern over some recent monetary measures, he urged caution.
“We are, however, very concerned about the recent increase in interest rates to 27.5% in a bid to manage inflation and liquidity. This could stifle access to credit and negatively impact productivity and business growth,” he warned.
“There is no doubt that access to affordable finance is a key driver of GDP growth and economic stability. We urge the Bank to strike a balance between inflation control and access to credit for businesses, especially SMEs,” he said.
Jideonwo also emphasized the need for sustainable interventions. “We are not unmindful of the various intervention schemes of the Bank. However, we urge the CBN to adopt more inclusive and sustainable strategies that will support indigenous businesses and shield the industrial sector from further decline.”
He expressed hope that the renewed interface between the CBN and the public would be sustained.
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