Nigeria's Q2 2026 current account surplus rises 68% to $7.54bn
Nigeria's current account surplus surged to $7.54 billion in Q2 2026, up 67.9% from $4.49 billion in Q1 2026 and 45.8% above the $5.17 billion recorded in Q2 2025, according to the Central Bank of Nigeria's provisional balance of payments statistics. The improvement was driven by a wider goods account surplus, which reached $10.12 billion, up from $5.96 billion in Q1 and $4.85 billion in Q2 2025. Total exports increased to $20.08 billion, with crude oil exports at $9.39 billion (+15.78%), natural gas at $3.63 billion (+40.15%), refined petroleum products at $3.94 billion (+66.24%), and non-oil exports at $3.12 billion (+25.30%). Crude oil imports fell sharply to $580 million from $1.39 billion in Q1.
Despite the stronger goods surplus, services account net outflows rose to $4.67 billion from $3.71 billion, and the primary income account deficit widened to $4.20 billion from $3.23 billion, reflecting higher dividend and interest payments to non-resident investors. The secondary income account balance grew to $6.30 billion from $5.47 billion, with personal transfers (including diaspora remittances) increasing 9.81% to $5.82 billion.
The financial account shifted to a net lending position of $1.74 billion, reversing the Q1 net borrowing of $2.03 billion, supported by portfolio investment inflows of $7.09 billion (up from $6.03 billion) and FDI inflows of $1.15 billion (up from $1.03 billion). Nigerian investments abroad generated outflows of $560 million (direct) and $700 million (portfolio). Other investment liabilities attracted $2.75 billion in inflows, while other investment assets recorded outflows of $7.96 billion. Net errors and omissions narrowed to -$5.82 billion from -$6.62 billion.
Overall, Nigeria recorded a balance of payments surplus of $3.51 billion in Q2 2026. External reserves have grown by $7.09 billion since the start of 2026, surpassing the CBN's projected reserve level of approximately $51.04 billion for the full year, providing a stronger external buffer for the naira.
With reserves rising and the current account stronger, will you expect a more stable naira for your business or personal transactions, or should you still hedge against volatility?