CBN records $4.6bn BOP surplus, ends external deficit streak

Nigeria’s external accounts rebounded strongly in the third quarter of 2025 as the Central Bank of Nigeria (CBN) reported a $4.60 billion balance of payments (BOP) surplus, ending the country’s run of external deficits.

The turnaround according to a statement issued by CBN Ag. Director, Corporate Communications, Mrs  Hakama Ali, was  underpinned by a $3.42 billion current account surplus, driven by improved trade performance, resilient diaspora remittances, rising capital inflows and sustained accumulation of external reserves.

The apex bank data showed that the goods account posted a $4.94 billion surplus, supported by higher export earnings. Crude oil exports rose to $8.45 billion, while exports of refined petroleum products surged by 44 per cent to $2.29 billion, signalling progress in domestic refining and Nigeria’s gradual shift from a net importer to a net exporter of refined fuel. Total goods exports stood at $15.24 billion, while imports of refined petroleum products fell by 12.7 per cent, strengthening the trade balance.

Diaspora inflows remained robust, with the secondary income account recording a $5.50 billion surplus, including $5.24 billion in workers’ remittances.

On the financial side, Nigeria posted a net lending position of $0.32 billion, as foreign direct investment rose to $0.72 billion and portfolio investment inflows reached $2.51 billion, reflecting improving investor confidence and sustained foreign participation in domestic financial markets.

The apex bank said external reserves climbed to $42.77 billion at end-September 2025, up from $37.81 billion in June, further strengthening Nigeria’s external buffers.

According to the CBN, the Q3 2025 BOP outcome highlights strengthening external sector fundamentals, firmer investor confidence and the positive impact of ongoing reforms in the foreign exchange market, monetary policy implementation and the domestic energy sector.