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The Central Bank of Nigeria (CBN) has said the country’s current account surplus has increased to $4.98 billion in the first quarter of 2026 (Q1, 2026).
The bank disclosed this in its Balance of Payments (BoP) report, noting that the figure represents a 46 percent increase year-on-year and a 255.7 percent rise compared to Q4 2025, when it stood at $1.4 billion.
According to the report, the surplus was also higher than the $3.41 billion recorded in the same period of 2025.
The CBN said the improvement was driven mainly by higher export earnings and reduced import spending, especially in the oil sector.
Crude oil export earnings rose from $6.77 billion to $8.11 billion, representing a 19.79 percent increase. Gas exports also grew from $2.24 billion to $2.53 billion, while earnings from refined petroleum products increased from $1.97 billion to $2.37 billion.
On the import side, refined petroleum imports dropped sharply from $2.48 billion to $0.31 billion, an 87.5 percent decline.
The bank also said net out-payments in the primary income account fell from $3.27 billion to $2.83 billion, a 13.46 percent decrease.
CBN noted that the goods account, a major part of the current account, recorded a surplus of $5.95 billion in Q1 2026, compared to $1.77 billion in Q4 2025 and $3.35 billion in Q1 2025.
However, the financial account remained in a net borrowing position, rising to $2.51 billion in Q1 2026, compared to $1.96 billion in the previous quarter.
