The Central Bank of Nigeria says the country recorded a balance of payments surplus of $2.38 billion in the first quarter of 2026, down from the $2.67 billion surplus posted in the fourth quarter of 2025.
According to data released by the apex bank, the current account surplus rose to $4.98 billion from $1.40 billion in the previous quarter, driven by higher earnings from crude oil, gas and refined petroleum exports, as well as a sharp decline in refined petroleum imports.
The CBN said crude oil export earnings increased by 19.8 per cent to $8.11 billion, while gas exports rose by 13 per cent to $2.53 billion. Refined petroleum product exports also climbed to $2.37 billion, while imports of refined petroleum products fell by 87.5 per cent to $310 million.
The bank added that foreign portfolio investment inflows increased to $6.03 billion during the period, while Nigeria’s external reserves rose from $45.75 billion at the end of December 2025 to $48.35 billion by the end of March 2026.
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