Nigeria's FX Demand Reaches $18.34bn in Q2 2026

In the second quarter of 2026, Nigeria's foreign exchange utilisation surged to $18.34bn, marking the highest level in nearly 15 years, as reported by the Financial Markets Dealers Association. Financial services transactions constituted more than half of this demand, absorbing $9.64bn, or 52.58 per cent of total FX utilisation.

This increase was driven by a sharp rise in cross-border financial transactions, despite a decline in some import categories. Total FX utilisation rose by 12.84 per cent from $16.25bn in Q1 and by 52.42 per cent from $12.03bn in Q2 2025.

Invisible transactions accounted for $13.24bn, or 72.19 per cent of total FX utilisation, with financial services demand increasing by 72.81 per cent from $5.58bn a year earlier. Import-related FX utilisation fell by 1.49 per cent to $5.10bn.

Autonomous FX inflows provided $23.31bn, representing 74.15 per cent of total inflows, although total FX inflows declined by 2.96 per cent quarter-on-quarter to $31.43bn.