Nigeria's FX Utilisation Hits $16.2bn in Q1 2026

In the first quarter of 2026, Nigeria's foreign exchange utilisation rose to $16.2 billion, reflecting a significant 74% increase compared to the same period in 2025. This surge was attributed to improved dollar supply and greater currency stability, as reported in the Central Bank of Nigeria’s Quarterly Statistical Bulletin.

A notable factor in this increase was the rise in invisible transactions, which more than doubled year-on-year from $4.5 billion to $11.4 billion, making up approximately 70% of the total foreign exchange utilisation. The financial services industry was the largest contributor to this segment, with its FX utilisation soaring 117% year-on-year to $9 billion, representing 79% of total invisible transactions.

Business services followed, with a substantial increase in utilisation from $223.6 million in Q1 2025 to $1.2 billion in Q1 2026.