Nigeria recorded a $7.54 billion current account surplus in the second quarter of 2026, representing an increase of nearly 68 per cent from the previous quarter, as stronger export earnings and diaspora remittances boosted the country's external financial position.

The latest provisional balance-of-payments figures from the Central Bank of Nigeria showed that the surplus rose from $4.49 billion in the first quarter to $7.54 billion in the second quarter.

The figure was also 45.8 per cent higher than the $5.17 billion recorded during the corresponding period of 2025.

The improvement was driven largely by an increase in Nigeria's export earnings, particularly from crude oil, natural gas, refined petroleum products and non-oil goods.

Total exports climbed from $15.56 billion in the first quarter to $20.08 billion in the second quarter, while the country's goods-account surplus widened to $10.12 billion.

Crude oil exports increased to $9.39 billion, while natural gas exports rose to $3.63 billion.

Earnings from refined petroleum products recorded a particularly strong increase, rising by 66.24 per cent to $3.94 billion.

Non-oil exports also improved, reaching $3.12 billion during the quarter.

The figures indicate that Nigeria earned more from goods sold to other countries during the period, with petroleum products continuing to account for a substantial portion of export receipts.

Money sent home by Nigerians living abroad provided another boost.

Personal transfers, including diaspora remittances, increased by 9.81 per cent to $5.82 billion, helping to offset some of the country's foreign-currency outflows.

However, the improvement in export earnings did not extend to every part of Nigeria's external accounts.

Net payments for services rose to $4.67 billion, compared with $3.71 billion in the previous quarter.

The deficit in the primary-income account also widened to $4.20 billion, largely reflecting higher dividend and interest payments to foreign investors.

Despite those outflows, Nigeria recorded an overall balance-of-payments surplus of $3.51 billion in the second quarter.

The country's external reserves also increased from $48.35 billion at the end of March to $51.39 billion at the end of June.

A current account surplus means that a country receives more from international trade, income and transfers than it pays out through those same channels.

It does not mean the Federal Government has an additional $7.54 billion available for budget spending.

The latest figures suggest an improvement in Nigeria's external earnings, although the country's ability to sustain that position will depend on developments in export receipts, import demand, investment-income payments and other international transactions.

The figures are provisional and remain subject to subsequent revisions by the CBN.