June 19, 2026/CSL Report

Nigeria recorded a significant improvement in its external sector performance in the first quarter of 2026, with the current account surplus rising by 255.7% quarter-on-quarter (q/q) to US$4.98bn from US$1.40bn in the preceding quarter.

According to the Central Bank of Nigeria’s Balance of Payments report, this expansion was largely driven by stronger export earnings from crude oil, natural gas, and refined petroleum products, alongside a sharp decline in petroleum product imports.

Crude oil export earnings increased to US$8.11bn in Q1 2026 from US$6.77bn in Q4 2025, while exports of natural gas and refined petroleum products rose to US$2.53bn and US$2.37bn, respectively, from US$2.24bn and US$1.97bn in the previous quarter. At the same time, refined petroleum imports declined by 87.5% to US$0.31bn, significantly strengthening Nigeria’s trade balance and reducing pressure on foreign exchange demand.

Click here to download full report:​ CSL Nigeria Daily – 19 June 2026 – Economy.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​