Nigeria’s current account surplus rose 67.93 percent to $7.54 billion in the second quarter (Q2) of 2026, driven mainly by higher export earnings and an increase in the goods account surplus.
According to provisional balance of payments (BOP) statistics by the Central Bank of Nigeria (CBN), the current account surplus increased from $4.49 billion in Q1 2026 and was also higher than the $5.17 billion recorded in Q2 2025.
“Provisional balance of payments (BOP) statistics for Q2 2026 shows a current account surplus of US$7.54 billion, which was higher than the US$4.49 billion and US$5.17 billion recorded in the preceding quarter (Q1 2026) and corresponding period of 2025, respectively,” the CBN said.
The BOP is a record of all financial transactions made between a country and the rest of the world over a specific period — usually a year or a quarter.
A surplus occurs when a nation gets more money from international transactions (exports, income, financial inflows) than it pays out, resulting in a net inflow of foreign currency.
According to the data, the goods account recorded a surplus of $10.12 billion in Q2, up 69.80 percent from $5.96 billion in the preceding quarter.
CBN said the major contributors of the increase are reflected in stronger earnings from crude oil, gas, refined petroleum products and non-oil exports, alongside a decline in crude oil imports.
“Crude oil export receipts rose 15.78 percent to $9.39 billion in Q2, from $8.11 billion in Q1. Gas exports increased 40.15 percent to $3.63 billion, while receipts from refined petroleum products rose 66.24 percent to $3.94 billion,” the regulator added.
CBN said non-oil export receipts also increased by 25.30 percent to $3.12 billion during the quarter.
On the import side, crude oil imports fell 58.27 percent to $0.58 billion, from $1.39 billion in Q1.
However, the services account recorded a higher net outpayment of $4.67 billion in Q2, compared with $3.71 billion in Q1.
CBN attributed the increase largely to “higher net debits for transport, travel, insurance, other business services and government services not included elsewhere”.
The debit balance in the primary income account also increased to $4.20 billion in the period reviewed, from $3.23 billion in Q1.
The increase was majorly attributed to higher dividend and interest payments to non-resident investors.
The secondary income account, however, rose to a surplus of $6.30 billion from $5.47 billion.
More so, personal transfers, including workers’ remittances from Nigerians in the diaspora, increased 9.81 percent to $5.82 billion during the quarter.
The financial account also recorded a turnaround, moving to a net lending position of $1.74 billion in Q2, from a net borrowing position of $2.03 billion in Q1.
The CBN also said portfolio investment liabilities recorded inflows of $7.09 billion, compared with $6.03 billion in Q1, while direct investment inflows rose to $1.15 billion from $1.03 billion.
Other investment liabilities recorded inflows of $2.75 billion during the quarter, while other investment assets recorded outflows of $7.96 billion.
The apex bank said the financial account position was driven by increased foreign currency holdings by residents from higher export earnings, accretion to reserve assets and increased acquisition of direct and portfolio investment assets abroad by residents.
Net errors and omissions, which capture statistical discrepancies in the BOP accounts, stood at a negative $5.82 billion in Q2, compared with negative $6.62 billion in Q1.
Nigeria’s external reserves also increased during the quarter.
The stock of external reserves rose to $51.39 billion at the end of June 2026 from $48.35 billion at the end of March.
CBN added that Nigeria recorded a balance of payments surplus of $3.51 billion in Q2 2026, higher than the surplus recorded in the preceding quarter.
