Nigeria’s current account surplus rose to $7.54 billion in the second quarter of 2026, up 67.9 per cent from $4.49 billion recorded in the first quarter, according to new data from the Central Bank of Nigeria (CBN).
The latest figure was also 45.8 per cent higher than the $5.17 billion surplus recorded in the same period last year.
The increase was driven mainly by stronger export earnings, lower crude oil imports and higher remittance inflows, the CBN said in its provisional balance of payments report for the quarter.
The goods account recorded a surplus of $10.12 billion in the quarter, compared with $5.96 billion in the first quarter.
Total exports rose to $20.08 billion from $15.56 billion in Q1, with crude oil, gas, refined petroleum products and non-oil exports all recording increases.
Crude oil export receipts rose 15.78 per cent to $9.39 billion, while gas exports increased 40.15 per cent to $3.63 billion.
Refined petroleum products recorded the biggest increase. Export receipts from the products rose 66.24 per cent to $3.94 billion during the quarter. Non-oil exports also increased by 25.30 per cent to $3.12 billion.
At the same time, Nigeria spent less on crude oil imports.
Crude oil imports fell from $1.39 billion in Q1 to $580 million in Q2, helping to widen the goods surplus.
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The figures come as domestic refining capacity continues to expand, with the Dangote refinery now supplying refined products for both the Nigerian market and exports.
But the improvement was not across every part of the current account.
Nigeria’s services deficit widened to $4.67 billion from $3.71 billion in Q1. The CBN linked the increase to higher net payments for transport, travel, insurance, business services and other services.
The primary income deficit also increased, reaching $4.20 billion from $3.23 billion. The central bank said the increase was largely due to higher dividend and interest payments to foreign investors.
Remittances provided some support.
The secondary income surplus rose to $6.30 billion from $5.47 billion, while personal transfers from Nigerians abroad increased 9.81 per cent to $5.82 billion.
So what does the $7.54 billion surplus actually mean?
In simple terms, Nigeria received more from its transactions with the rest of the world than it paid out during the quarter through the goods, services, income and transfer accounts that make up the current account.
It is one indication of the country’s external position, but it does not mean the government has $7.54 billion in cash available to spend.
The wider balance of payments also recorded a surplus of $3.51 billion in Q2, while Nigeria’s external reserves rose to $51.39 billion at the end of June, from $48.35 billion at the end of March.
The financial account also moved into a net lending position of $1.74 billion, reversing a $2.03 billion net borrowing position in Q1. Portfolio investment inflows rose to $7.09 billion, while foreign direct investment inflows increased to $1.15 billion.
The latest figures point to a stronger external position for Nigeria in the second quarter, with exports and remittances providing more foreign exchange while crude oil imports fell.
The data also gives a clearer picture of how domestic refining is changing the country’s trade position, particularly as refined petroleum exports continue to grow.
A closer look at what the surplus means for the naira, foreign exchange supply and the wider Nigerian economy will follow in a FocusNews explainer.
