By Geoff Iyatse

• Nigeria breaks balance of payment deficit history, records $6.8b surplus

• Naira trading at N45/$ discount at black market amid fresh panic

• Be wary of reactive policies, Kale warns government

The Central Bank of Nigeria (CBN) is betting on a stronger external position to stabilise the naira in the face of capital flight from risky assets. But the apex bank would require a stronger handshake with the reticent fiscal authority to record a significant breakthrough in its desire to pull the economy out of the multi-year foreign exchange crisis.

Just yesterday, the apex bank followed up with a series of good news about the country’s external sector, announcing a $6.83 balance of payment (BOP) surplus for last year. It was a significant break from the 2022 and 2023 deficits when the country reported -$3.34 billion and -$3.32 billion BOP, respectively.

BOP, which tracks current capital and financial accounts, measures the international monetary transitions between a country and the rest of the world for some time. A surplus BOP means that a country receives more than it pays for the referenced period and suggests a stronger external position.

Proving details of the BOP position, the CBN said the current and capital account recorded a surplus of $17.22 billion, with goods trade surplus standing at $13.17 billion.

According to a statement issued by the bank, petroleum imports declined by 23.2 per cent to $14.06 billion, while non-oil imports fell by 12.6 per cent to $25.74 billion.

On the flip side, gas exports rose by 48.3 per cent to $8.66 billion while non-oil exports rose by 24.6 per cent to $