FMDA Projects Nigeria's Q3 Current Account Surplus at $8.69B

The Financial Markets Dealers Association (FMDA) projects Nigeria's current account surplus to increase to $8.69 billion in the third quarter of 2026, up from $7.54 billion in the second quarter. This projection is attributed to lower import demand and persistently high crude oil prices.

The Q2 surplus had already exceeded FMDA's earlier forecast of $6.12 billion. The FMDA's September 2026 Monthly Market Report indicates that Nigeria's current account position has improved throughout 2026, rising from $1.40 billion in Q4 2025 to $4.98 billion in Q1 2026 and $7.54 billion in Q2 2026.

The trade balance also improved significantly, reaching $9.22 billion in Q2. Gross external reserves increased by approximately $1.11 billion to $54.92 billion at the end of September.

However, FMDA cautioned that the projected surplus remains pending until official Q3 data is released, and they noted that the impact of the Dangote Petroleum Refinery IPO on foreign exchange conditions is not yet fully visible.