Nigeria Foreign Exchange Demand Surge

Nigeria's foreign exchange utilisation reached $18.34bn in Q2 2026, the highest in nearly 15 years, with services accounting for 72% of the demand. Financial services alone contributed $9.64bn, reflecting a significant increase from previous quarters.

Nigeria's foreign exchange demand reached $18.34bn in Q2 2026, the highest in nearly 15 years, driven by financial services. The sector accounted for over half of the total FX utilisation, reflecting a significant shift towards services over merchandise imports.

Nigeria's foreign exchange utilisation reached $18.34 billion in Q2 2026, the highest since Q3 2011, driven by services and financial payments. This marks a 12.84% increase from Q1 2026 and a 52.42% rise from Q2 2025.