BREAKING: Nigeria’s current account surplus jumps 68% to $7.54 billion in Q2 2026

Nigeria’s current account surplus rose by 67.9% to $7.54 billion in the second quarter of 2026, from $4.49 billion in the preceding quarter, supported by stronger export receipts and higher diaspora remittances.

The surplus was also 45.8% above the $5.17 billion recorded in the corresponding period of 2025, according to the Central Bank of Nigeria’s (CBN) provisional balance of payments statistics for Q2 2026.

The improvement came as the goods account recorded a wider surplus, while the services and primary income accounts posted larger net outflows.

What the data is saying

The goods account surplus rose to $10.12 billion in Q2 2026, from $5.96 billion in Q1 and $4.85 billion in Q2 2025.

• Total exports increased to $20.08 billion from $15.56 billion in the preceding quarter, driven by higher receipts across crude oil, natural gas, refined petroleum products and non-oil exports.
• The CBN reported that the increase in exports was broad-based. Crude oil exports rose by 15.78% to $9.39 billion, while natural gas exports increased by 40.15% to $3.63 billion.
• Exports of refined petroleum products recorded the strongest growth, rising by 66.24% to $3.94 billion, while non-oil exports increased by 25.30% to $3.12 billion. The goods account also benefited from a sharp decline in crude oil imports, which fell to $580 million in Q2 2026 from $1.39 billion in Q1.

Despite the stronger goods surplus, Nigeria recorded higher net outpayments in the services account.

• Net services outflows increased to $4.67 billion in Q2 from $3.71 billion in Q1, reflecting higher net debits for transport, travel, insurance, other business services and government services not included elsewhere.
• The primary income account also recorded a larger deficit, with its debit balance rising to $4.20 billion from $3.23 billion in the preceding quarter.
• The CBN attributed the increase largely to higher dividend and interest payments to non-resident investors.
• The secondary income account balance increased to $6.30 billion in Q2 2026, from $5.47 billion in Q1.
• Personal transfers, including remittances from Nigerians living abroad, rose by 9.81% to $5.82 billion during the quarter.

The increase in remittances provided additional support to the current account, helping offset some of the higher outflows recorded in services and primary income.

Nigeria’s financial account recorded a net lending position of $1.74 billion in Q2 2026, reversing the net borrowing position of $2.03 billion in Q1.

• Portfolio investment liabilities recorded inflows of $7.09 billion, up from $6.03 billion in the preceding quarter.
• Foreign direct investment inflows also increased, reaching $1.15 billion compared with $1.03 billion in Q1.

However, Nigerian investments abroad generated outflows, with direct investment assets recording $560 million and portfolio investment assets recording $700 million.

Other investment liabilities attracted inflows of $2.75 billion, while other investment assets recorded outflows of $7.96 billion.

The net errors and omissions (NEO) balance narrowed to -$5.82 billion from -$6.62 billion in Q1.

Overall, Nigeria recorded a balance of payments surplus of $3.51 billion in Q2 2026, according to the CBN.

Get up to speed

Nairametrics earlier reported that Nigeria’s current account surplus rose by 255.71% to $4.98 billion in Q1 2026, from $1.40 billion in Q4 2025.

• The Q1 surplus was also 46.04% higher than the $3.41 billion recorded in Q1 2025, reflecting stronger export receipts, lower petroleum product imports and reduced primary income outflows.
• In Q4 2025, the current account surplus had declined by 65.52% to $1.4 billion from $4.06 billion in Q3 2025.
• Nigeria attracted $10.37 billion in foreign capital in the first quarter of 2026, an 83.8% increase from the $5.64 billion recorded in Q1 2025, according to data from the National Bureau of Statistics (NBS).
• Portfolio-related inflows also recorded a sharp increase in January. Foreign portfolio investment reached $3.37 billion during the month and accounted for 95.72% of total capital importation.

The stronger current account surplus reflects improved export receipts, particularly from crude oil, gas and refined petroleum products, alongside increased remittance inflows and lower crude oil imports.

Nairametrics earlier reported that Nigeria’s external reserves have grown by $7.09 billion since the beginning of 2026.

The latest position has now surpassed the CBN’s projected reserve level of approximately $51.04 billion for the whole of 2026.

The continued accumulation of reserves provides a stronger external buffer for the Nigerian economy and comes as the CBN continues efforts to strengthen foreign exchange market stability.