Nigeria’s current account surplus jumped by 67.9% in the second quarter of 2026. It reached $7.54 billion. Robust non-oil export earnings and higher diaspora remittances drove the increase. The figures come from official balance-of-payments data.
Nigeria has run current account surpluses and deficits in cycles tied to oil prices. In 2016, an oil price crash pushed the account into deficit and triggered a recession. In 2020, the pandemic pushed it into another deficit. The surplus returned in 2021 as oil prices recovered. The difference now is the composition. Non-oil exports and remittances are doing more work. Nigeria still depends on oil for most of its foreign exchange. But the non-oil share is rising. Diaspora remittances have become a stable source of dollars. In 2025, remittances were estimated at over $20 billion annually.
The Q2 2026 surplus reflects several trends. Non-oil exports, including cocoa, sesame, cashew and fertiliser, grew. Remittances from Nigerians abroad increased. The naira’s depreciation made exports more competitive. It also made remittances more valuable in local currency, encouraging more transfers through formal channels.
A current account surplus means Nigeria earns more foreign exchange than it spends on imports and services. That supports the naira and builds reserves. It also signals that the external sector is adjusting after the subsidy removal and currency float. The surplus does not mean the economy is healthy. It means the external accounts are improving while domestic inflation remains high and unemployment persists.
The surplus gives the Central Bank of Nigeria room to manage the exchange rate. It reduces pressure on reserves. It also provides fiscal space if the government chooses to use it. The government has not announced how it will deploy the gains.
The risks are familiar. Oil prices remain volatile. Global interest rates affect portfolio flows. Remittances depend on the health of foreign economies where Nigerians work. A recession in the UK or US would reduce transfers. Non-oil exports face infrastructure and logistics constraints. The surplus is welcome. It is not guaranteed.
Winners: The Central Bank of Nigeria, which gains reserves. The Federal Government, which gains fiscal room. Exporters, who earn foreign exchange. Diaspora families, who receive more naira for their remittances. The naira, which gains support. Losers: Importers, who face higher costs if the naira appreciates. Consumers, who still face inflation. Oil-dependent states, which see a relative decline in oil’s share. Nigerians without diaspora connections, who do not benefit directly from remittances.
Bottom Line: A $7.54 billion surplus is a strong number. It reflects non-oil exports and remittances doing more work. Nigeria should use the breathing room to diversify further. Surpluses do not last forever.