NIGERIA’S EXTERNAL BALANCE RECORDS $7.5BN SURPLUS AS TRADE EARNINGS RISE

Nigeria’s current account surplus increased sharply to $7.5bn in the second quarter of 2026, according to the latest report from the Central Bank of Nigeria. The figure represents a significant improvement in the country’s external position and reflects stronger earnings from trade and other international transactions during the period.

The CBN disclosed that the surplus was equivalent to 5.7 per cent of Nigeria’s gross domestic product for the quarter. The development marked a notable increase from the $1.3bn surplus recorded in the first quarter of the year, indicating that the country’s current account position strengthened considerably between January and March and the subsequent three-month period.

The apex bank attributed the improvement largely to developments in the goods account, particularly stronger export performance. The report showed that Nigeria’s goods trade balance recorded a surplus of $12.4bn during the second quarter, compared with $9.7bn in the preceding quarter, as export receipts increased while imports remained relatively lower.

The current account captures a country’s transactions with the rest of the world, including trade in goods and services, income flows and transfers. Nigeria’s stronger surplus therefore indicates that the country recorded more inflows than outflows across the relevant external transactions during the period. The figures also provide an important measure of the country’s balance of payments position and external economic performance.

The latest CBN report comes amid continued efforts to strengthen Nigeria’s foreign exchange position and improve the country’s external sector. Rising export earnings, particularly from crude oil and other commodities, remain important sources of foreign exchange, while developments in imports, services and income payments also influence the overall current account position.