Nigeria’s current account surplus rose by 67.93 percent to $7.54 billion in the second quarter of 2026, according to provisional balance of payments statistics released by the Central Bank of Nigeria (CBN).
Gatekeepers News reports that Central Bank of Nigeria (CBN) disclosed this in its provisional balance of payments statistics for Q2 2026. The figure increased from $4.49 billion in the first quarter and was also higher than the $5.17 billion recorded in Q2 2025. The CBN attributed the improvement largely to stronger export earnings and a wider surplus in the goods account.
The goods account recorded a surplus of $10.12 billion in Q2, compared with $5.96 billion in Q1. Total exports increased to $20.08 billion from $15.56 billion, driven by higher receipts from crude oil, natural gas, refined petroleum products and non-oil exports.
Crude oil export receipts rose by 15.78 percent to $9.39 billion, while gas exports increased by 40.15 percent to $3.63 billion. Receipts from refined petroleum products recorded a stronger increase of 66.24 percent to $3.94 billion, while non-oil exports rose by 25.30 percent to $3.12 billion.
The CBN also reported a significant decline in crude oil imports, which fell by 58.27 percent to $580 million from $1.39 billion in Q1.
However, the country recorded higher net outflows from services and primary income. The services account’s net outpayment increased to $4.67 billion, from $3.71 billion in the previous quarter, while the primary income deficit widened to $4.20 billion from $3.23 billion.
The secondary income account, meanwhile, recorded a surplus of $6.30 billion, up from $5.47 billion in Q1. Personal transfers, including remittances from Nigerians abroad, increased by 9.81 percent to $5.82 billion during the quarter.
The financial account also improved, moving to a net lending position of $1.74 billion, compared with a net borrowing position of $2.03 billion in Q1.
Portfolio investment inflows rose to $7.09 billion from $6.03 billion, while foreign direct investment increased to $1.15 billion, compared with $1.03 billion in the preceding quarter.
Nigeria’s external reserves also strengthened during the period, rising from $48.35 billion at the end of March to $51.39 billion at the end of June 2026. The country recorded an overall balance of payments surplus of $3.51 billion in Q2.
