The acceleration of current carriers in an Alfv¿n wave current system is considered. The model incorporates a dipole magnetic field geometry, and we present an analytical solution of the two-fluid equations by successive approximations. The leading solution corresponds to the familiar single-fluid toroidal oscillations. The next order describes the nonlinear dynamics of electrons responsible for carrying a few ¿Am-2 field aligned current into the ionosphere. The solution shows how most of the electron acceleration in the magnetosphere occurs within 1 RE of the ionosphere, and that a parallel electric field of the order of 1 mVm-1 is responsible for energising the electrons to 1 keV. The limitations of the electron fluid approximation are considered, and a qualitative solution including electron beams and a modified E∥ is developed in accord with observations. We find that the electron acceleration can be nonlinear, (ve∥∇∥)ve∥ > ωve∥, as a result of our nonuniform equilibrium field geometry even when ve∥ is less than the Alfv¿n speed. Our calculation also elucidates the processes through which E∥ is generated and supported.