Nigeria’s foreign exchange utilisation hit $18.34 billion in the second quarter of 2026, its highest quarterly value in almost 15 years, largely driven by surging demand for financial services.
Financial services registered $9.64 billion or 52.58%, according to the Financial Markets Dealers Association (FMDA) Q2 2026 FX Market Update based on Central Bank of Nigeria (CBN) data.
The value was 12.84% higher than the $16.25 billion recorded in the first quarter and 52.42% above the $12.03 billion logged in the same period last year.
The News Chronicle reports that invisible transactions or those involving services and payments registered $13.24 billion or 72.19% of total FX demand.
Financial services demand increased 72.81% year on year, while business services rose to $1.66 billion from $570.41 million. Other services also climbed to $1.12 billion.
However, import related demand decreased 1.49% to $5.10 billion, with industrial imports declining 22.67% to $1.86 billion.
On the supply side, autonomous sources accounted for $23.31 billion, representing 74.15% of total FX inflows, while CBN dollar sales dropped 66.73% quarter on quarter to $418.08 million.
Meanwhile, Nigeria’s gross external reserves increased to $55.07 billion on October 8, from $54.95 billion on October 2, indicating a continued rise in the country’s external reserves.

