Nigeria recorded a balance of payments (BOP) surplus of $4.60 billion in the third quarter (Q3) of 2025.
The BOP is a record of all financial transactions made between a country and the rest of the world over a specific period—usually a year or a quarter.
“Nigeria’s balance of payments for Q3 2025 resulted in a higher surplus of US$ 4.60 billion,” the report reads.
According to the CBN, external reserves rose significantly to $42.77 billion at the end of September 2025, up from $37.81 billion at the end of June 2025.
“Net errors and emissions (NEO) for Q3 2025 compressed to negative US$3.09 billion as against negative US$12.71 billion in Q2 2025,” the apex bank said.
“Provisional balance of payments (BOP) statistics for Q3 2025 show a current account surplus of US$3.42 billion, which was lower than the US$5.81 billion and US$5.78 billion recorded in the preceding quarter (Q2 2025 ) and corresponding period of 2024, respectively.”
CBN said major contributors to the sustained current account surplus include an increase in crude oil exports “from US$7.66bn to US$8.45 billion (10.31%)” and rise in refined petroleum product exports “from US$1.59bn to US$2.29bn (44.03%)”.
The bank also cited a “decrease in refined petroleum product imports from US$1.89bn to US$1.65bn (12.70%) and sustained surplus in the secondary income account of US$5.50bn”.
Furthermore, CBN said the goods account (a major sub-account in the current account) recorded a lower surplus of $4.94 billion in Q3 2025, as against $5.28 billion recorded in the second quarter (Q2) 2025.
However, the bank said the Q3 2025 figure is higher than the $3.93 billion recorded in the corresponding period of 2024.
According to CBN, sustained balance in the goods account was driven by exports, which increased to $15.24 billion in Q3 2025 — from $14.90 billion in Q2 2025.
The bank attributed the increase to higher exports of crude oil and refined petroleum products.
“The country is gradually switching from a net importer of refined petroleum products to a net exporter,” CBN said.
“Import of petroleum products decreased by 12.7 per cent to US$1.65 billion.”
Furthermore, the bank noted that net outpayments in the services account rose to $4.07 billion in Q3 2025 from $3.74 billion in Q2 2025.
“The increase in net outpayments for services was due to increases in net import of transport, travel, insurance, computer & information, other business, and Government services not included elsewhere,” CBN said.
“The debit balance in the primary income account increased significantly to US$2.95 billion in Q3 2025, from US$1.25 billion in Q2 2025.
“This was largely attributable to repatriation of reinvested earnings by domestic banks on their foreign investments abroad especially on direct investments.
“The secondary income account balance decreased slightly to US$5.50 billion in Q3 2025, from US$5.51 billion in the preceding quarter.”
‘DIASPORA REMITTANCE DECREASED IN Q3 2025 TO $5.24BN’
CBN said personal transfers (workers’ remittance) from Nigerians in diaspora decreased in Q3 2025 to $5.24 billion — down from $5.30 billion in Q2 2025.
“Financial account recorded a net lending position of US$0.32 billion in Q3 2025, as against a net borrowing of US$6.90 billion in Q2, 2025,” CBN said.
“The economy acquired more financial assets (accretion to reserves) than it received (for foreign investments.”
The bank said the financial account was driven by higher outflows of residents’ portfolio investment assets, particularly equity investments abroad, alongside increased inflows of foreign direct investment liabilities into the economy.
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