Nigeria’s current account surplus rose to $4.98 billion, supported largely by stronger oil export earnings, according to recent data from the Central Bank of Nigeria (CBN).

The figure reflects improved performance in the country’s external sector, with crude oil exports remaining a key driver of foreign exchange inflows.

The CBN attributed the increase to higher export receipts, particularly from oil, which continues to account for a significant share of Nigeria’s foreign earnings.

The surplus indicates that Nigeria earned more foreign currency from trade and other international transactions than it spent during the period under review.

The latest data also show that oil exports remain central to the country’s external balance, even as efforts continue to diversify revenue sources.

Analysts note that fluctuations in global oil prices and production levels continue to have a strong influence on Nigeria’s external accounts.

The development comes as policymakers seek to strengthen foreign exchange stability and improve external reserves through sustained export growth and investment inflows.