Oil, Gas, Remittances Lift Nigeria’s Q2 Current Account Surplus To $7.54bn

Oil, gas and remittances have lifted Nigeria’s current account surplus by 68 per cent to $7.54 billion in the second quarter, supported by stronger exports of crude oil, natural gas and refined petroleum products, as well as increased foreign portfolio investment.

Nigeria’s balance of payments data released by the Central Bank of Nigeria (CBN) on Friday, showed that Nigeria’s external position strengthened during the quarter, with foreign exchange reserves rising above $51 billion, while the overall balance of payments recorded a $3.51 billion surplus.

The goods trade surplus also widened to $10.12 billion at the end of June, compared with $5.96 billion in the previous quarter, as...