Nigeria’s current account shows a surplus of $4.98 billion in the first quarter of 2026, according to the Central Bank of Nigeria (CBN). Vanguard reports the surplus increases by 46% year-on-year, while The Punch reports a larger 256% year-on-year jump to the same $4.98 billion figure. The differences in reported growth rates reflect how the outlets calculate the change, but both cite the same quarter-end surplus level.
Both reports attribute the improvement largely to trade dynamics. The Punch says higher oil and gas exports contribute to the larger surplus, and it also points to reduced petroleum product imports. In other words, Nigeria earns more from exports while imports of petroleum products are lower than in the prior period. Together, the accounts indicate that stronger export receipts—especially from the oil and gas sector—help widen the current account balance in Q1 2026, with reduced petroleum product import demand reinforcing the outcome.
