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The Digest:

The Central Bank of Nigeria (CBN) has announced a balance of payments surplus of $4.60 billion for the third quarter of 2025, with Nigeria's external reserves climbing to $42.77 billion.

Key Points:
  • The surplus, though lower than the previous quarter's $5.81 billion, marks sustained positive performance.
  • External reserves increased by nearly $5 billion, from $37.81 billion at the end of June to $42.77 billion in September.
  • Key drivers include a 10.31% increase in crude oil exports and a 44.03% surge in refined petroleum product exports.
  • The country is "gradually switching from a net importer to a net exporter" of refined petroleum products.
  • Imports of refined products decreased by 12.7% to $1.65 billion.
  • Diaspora remittances saw a slight decrease to $5.24 billion in Q3 from $5.30 billion in Q2.
  • The financial account shifted to a net lending position of $0.32 billion, compared to a net borrowing of $6.90 billion in Q2.
These data point to strengthening external sector fundamentals, fueled by improved oil exports and a strategic shift in the petroleum trade, though offset by increased outflows for services and primary income.


Sources: TheCable