Nigeria’s current account surplus increased 68% to $7.54 billion

Nigeria’s current account surplus increased by 67.9 percent to $7.54 billion in the second quarter of 2026, according to interim balance of payments data from the Central Bank of Nigeria (CBN).

This latest figure represents a significant increase from the $4.49 billion recorded in the first quarter of 2026. The figure is also higher than the $5.17 billion recorded in the same period of 2025. The new figure was reported on September 18, 2026.

A current account surplus means more money comes into a country than goes out through international trade and other transactions.

This increase was mainly supported by stronger export earnings and increased remittances from Nigerians living abroad. Nigeria’s total exports rose to $20.08 billion in the second quarter, compared with $15.56 billion in the previous quarter.

Crude oil remains an important contributor to export earnings. Crude oil exports increased by 15.78 percent to $9.39 billion, while natural gas exports increased by 40.15 percent to $3.63 billion.

Exports of refined petroleum products recorded an even greater increase, increasing by 66.24 percent to $3.94 billion. Non-oil and gas exports also increased by 25.30 percent to $3.12 billion.

Another factor supporting the country’s external position is the increasing number of private transfers, including money sent home by Nigerians living abroad. Remittances increased by 9.81 percent to $5.82 billion during the quarter.

Improving export performance was also accompanied by a decrease in crude oil imports. Crude oil imports fell to about $580 million in the second quarter, down from $1.39 billion in the first quarter.

CBN data showed Nigeria’s goods balance surplus increased to $10.12 billion in the second quarter, compared with $5.96 billion in the first quarter.

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However, the country continues to record significant outflows in other regions. Net services outflow increased to $4.67 billion, while the primary income deficit increased to $4.20 billion. These outflows include payments related to services, investments and other international transactions.

Nigeria’s financial balance also recorded changes this quarter. The country recorded a net loan position of $1.74 billion, reversing a net loan position of $2.03 billion in the first quarter.

Portfolio investment liabilities attracted inflows of about $7.09 billion, while foreign direct investment inflows increased to about $1.15 billion.

Overall, Nigeria recorded a balance of payments surplus of $3.51 billion during the second quarter of 2026, according to CBN provisional data.

The latest figures provide an indication of increasing foreign exchange earnings from exports and remittances. This also shows the importance of oil, gas and refined petroleum products to Nigeria’s external trade.

For the business world and investors, the development of a country’s external balance is important because export earnings, foreign investment and remittances contribute to the flow of foreign currency into the economy.

The increase in the current account surplus comes as Nigeria continues to seek to strengthen its external position and increase stability in the foreign exchange market.

CBN data will remain subject to revision as more information becomes available. Nevertheless, the figures in the second quarter show a substantial increase in Nigeria’s current account surplus compared to the previous quarter and the same period in 2025.

These developments have placed Nigeria’s external trade performance among the top economic stories followed by businesses, investors and financial analysts.

By: Precious Oluwadare