Nigeria’s foreign exchange utilisation grew to $18.34 billion in the second quarter of 2026, the highest since the fourth quarter of 2011, as demand for financial services outpaced spending on merchandise imports.
The figure represents a gain of 12.84% over $16.25 billion in the first quarter and a 52.42% rise from $12.03 billion which was recorded in the same period of 2025, the Financial Markets Dealers Association (FMDA) said.
The News Chronicle reports that the financial services amounted to $9.64 billion, representing 52.58% of total FX utilisation, while invisible transactions, including services and financial payments, reached $13.24 billion.
Business services demand rose to $1.66 billion, while other services accounted for $1.12 billion. In contrast, merchandise import-related demand declined 1.49% to $5.10 billion.
On the supply side, autonomous sources contributed $23.31 billion, representing 74.15% of total FX inflows during the quarter.
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Meanwhile, CBN dollar sales plunged 66.73% to $418.08 million from $1.26 billion in the first quarter. Total FX inflows stood at $31.43 billion, while outflows declined to $8.93 billion, leaving net flows at $22.50 billion.
The report linked rising financial services demand partly to cross-border investment and payment flows but did not provide a detailed breakdown of transactions.
The figures follow a similar trend in 2025, when Nigeria’s total FX utilisation rose to $50.93 billion, with invisible transactions accounting for the larger share.
