Nigeria’s overall Balance of Payments (BOP) surplus reached $4.60 billion in the third quarter, reversing a prior deficit, with the current account posting $3.42 billion in surplus, the Central Bank of Nigeria has said.
The apex bank also said goods exports totaled $15.24 billion, including $8.45 billion from crude oil and a 44% rise in refined petroleum products to $2.29 billion, signaling Nigeria’s shift toward becoming a net exporter.
Imports of refined products fell 12.7%, bolstering the goods account surplus to $4.94 billion, while orkers’ remittances fueled a $5.50 billion surplus in the secondary income account, with $5.24 billion from the diaspora.
According to the bank, ginancial account inflows included $0.72 billion in foreign direct investment and $2.51 billion in portfolio investments, yielding a net lending position of $0.32 billion.
The bank further said external reserves grew to $42.77 billion by end-September from $37.81 billion in June, enhancing economic buffers, attributing this to forex market reforms, monetary policy, and energy sector gains.
